Tim Draper and Capital300 equip German Blockchain-Start-up Authenteq with 5 million dollars

the Tim Draper, Venture Capitalist, and crypto-veteran, invested together with Capital300 five million US dollars in the English-Icelandic Blockchain-Start-up Authenteq. Authenteq is working on a block chain-based solution for the automated identity management.

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14. January 2019TeilenFacebookTwitterLinkedInxingemail

The identity management on the Blockchain as one of the major use cases of the technology. The Tim Draper thought. The venture capital investor and early Bitcoin Investor has made actually as a Bitcoin bull, and Maximalist with a name. Apparently, he's holding but the Blockchain technology, in some cases, however, for support value.

Tim Draper during the Web Summit in 2017 in the Portuguese Lisbon. Looking closer, Draper's favorite crypto-currency.

may Therefore be Authenteq now to the select group of Start-ups, which has taken on Tim Draper. Together with Capital300 the Investor to equip the Berlin and Reykjavik-based company Authenteq with a total of five million dollars. This is from a press release, the Capital300 on 11. January published.

Identity Verification-as-a-Service

Authenteq is working on a block chain-based solution for Online identity management. To verify instead of, as usual, using passwords, fingerprints or TANs, to automate the Service of the Start-ups, the identification via the Blockchain and make it safer. For this, the user must set company according to merely a photo of the ID card behind. Using the Authenteq App, users can take advantage of a whole range of Online services, where previously the cost of the identification processes were necessary. The Start-up wants to run through the Blockchain, the of KYC (Know your Customer – Know to facilitate your clients).

This was a promising Blockchain-Use-Case, says Peter Lasinger of Capital300:

"Several things to this Investment. Currently, it is still a huge Problem, and authentications. In the Web and in Retail which is becoming more and more important, the costs are very high.”

The investment could pay off in the near future. Finally, the market for "Identity Verification-as-a-Service", so the automated identity management system via the Blockchain, as a huge growth market. According to McKinsey, the global sales from the current 10 billion US could double-Dollar in the coming years.

Read also: Deloitte and certificate: shoulder-to-shoulder for Blockchain-identity management

With the increase in capital Authenteq want to invest mainly in human capital. The 22-strong Team is currently working on the two locations in Germany and Iceland on the development of products, is expected to increase in the coming weeks.

Authenteq must reckon with the competition

Meanwhile, Authenteq is by no means alone on the hallway. The identity management on the Blockchain has a certain history. Noteworthy is the forward-looking attitude of Jordan. In the refugee camp Azraq Refugees using Iris-Scanning can have on your credit, which is stored on a Blockchain. So you can authenticate payments in the supermarket, fully digital and secure.

For a small 1-time-1 about the history of the identity to get here.