SPACE ID, a startup building a universal name network for decentralized identities, has raised $10 million in a strategic funding round led by crypto investment firms Polychain Capital and dao5. The funding will be used toward developing the network, hiring and new products, according to a Medium post.

The concept of a traceable decentralized identity has implications in decentralized finance (DeFi) loans, which are typically over collateralized due to the lack of identity and credit score. The concept could also come into play with future crypto regulations.

SPACE ID launched its .bnb Domain Public Registration last September and has since gained 370,000 registrations and 175,000 unique domain holders, according to the company. Last week, the startup announced a merger with peer ARB ID, which will launch an .arb domain pre-registration soon.

“Universal naming service is a fundamental component of widespread crypto adoption, and the SPACE ID team sits at the forefront of a cutting-edge version,” said Poylchain Capital investor Luke Pearson in the post. “By facilitating the union between identity, privacy, and sovereignty within Web3, SPACE ID allows users to retain their personal identity whilst providing a human-readable address to interact with digital networks.”

Read more: How Web3 Helps People Take Control of Their Digital Identity