TransCrypts Raises $15M Seed Round Led by Pantera Capital
TransCrypts, a blockchain startup focused on verified credentials, secured a $15 million seed round led by Pantera Capital. Other investors include Lightspeed Faction, Alpha Edison, Motley Fool Ventures, Mark Cuban, and Protocol Labs.
In September, TransCrypts won CoinDesk’s Pitchfest at Consensus Hong Kong, receiving $10,000 in tokens and additional support.
The company aims to enhance "self-sovereign identity," enabling individuals to manage their data without intermediaries like employers or universities.
Founder Zain Zaidi was motivated by a personal experience where misplaced transcripts nearly impacted his graduate school admission.
TransCrypts initially focused on employment verification, allowing users to encrypt and share records directly with relevant parties while maintaining data privacy through off-chain storage and on-chain hashes.
With HIPAA certification, the company plans to expand into health and education credentials, potentially transforming how medical histories and academic records are shared.
The initiative addresses rising fraud risks, as identity theft cost Americans $43 billion in 2023, and deepfake scams increased significantly.
Currently serving 4 million users and over 450 enterprise clients, TransCrypts will use the new funding to grow in regulated sectors and improve real-time credential verification tools.
