Kudo Money Closes $ 4 Million Strategic Funding Round

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Kudo Money is a protocol that strives to reinvent how on-chain identity works using a holistic approach to identity in cryptography. Users can earn rewards for good chain behavior, based on their chain scores. The new capital injection will help Kudo continue to develop an ecosystem of Web 3.0 products, including Unomi and Bitquity, for the adoption of consumer crypto, according to a press release on Tuesday, December 28.

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A decentralized scoring protocol, Kudo uses Unomi Passports to fuel on-chain identity. To provide a positive user experience, protocols can leverage chain archives for an address. This has become even more important with the adoption of pseudonymous public key addresses as an identity proxy.

According to the release, “Unomi passport scores will provide protocols with an insightful view of their users, enabling them to make better decisions and reward good on-chain behavior. Unomi will allow users to consolidate wallets and synchronize their on-chain activity into a single, interoperable passport.

Users with a higher reputation on the chain will have better access to borrowing, parachuting, and farming opportunities in the Ethereum, Polygon, BSC, and Solana ecosystems.

“The current crypto experience is very crude,” said Tejas Thole, founder and CEO of Kudo Money. “Due to the pseudo-anonymous nature of addresses, protocols lack a basic understanding of their interacting users. The user experience of Web 3.0 is now very similar to that of the first Internet age. “

“If we are able to simplify these complexities with Unomi identity passports, Kudo can unlock the missing piece for the mainstream adoption of Web 3.0,” added Thole.

Over 60 venture capitalists and ecosystem players have supported Kudo Money on private tours.

Read more: How identity has become the “backbone” of the digital economy

The steady infusion of capital has helped Kudo Money’s growth, and the company is preparing to launch its native $ KUDO token as part of the decentralization of its identity infrastructure. The release is scheduled for the first quarter of 2022.

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