Blockchain ID Startup ShoCard Raises $4 Million in New Funding

ShoCard has announced a new venture funding round, news that coincides with its launch of a new enterprise-focused identity product.

AccessTimeIconAug 22, 2017 at 12:59 p.m. UTC
Updated Sep 13, 2021 at 6:51 a.m. UTC

Blockchain startup ShoCard has raised $4 million in new funding from a range of investors.

Co-led by AME Cloud Ventures and Morado Venture Partners, two of the company's existing stakeholders, the round also saw participation from Storm Ventures, Danhua Capital and Correlation Ventures, as well as Recruit Strategic Partners and investor Robert Tinker.

The completed round brings ShoCard's total venture funding so far to $5.5 million. In July 2015, the startup raised $1.5m in funding from a group of investors that included AME, Digital Currency Group, Enspire Capital and Morado.

Along with the funding, the startup unveiled a new enterprise-facing product, dubbed ShoBadge.

The idea, according to the startup, is to eliminate the use of passwords and usernames by using mobile-based encryption, with blockchain technology being used to preserve an immutable record of who has permission to access accounts.

"ShoBadge will use the ShoCard verification, enrollment and authentication tools that leverage mobile devices along with the blockchain as the next generation of identity management, offering CIOs and CISOs a consolidated approach and more secure identity management for their enterprise," Armin Ebrahimi, the firm's founder and CEO, said in a statement.

Disclaimer: CoinDesk is a subsidiary of Digital Currency Group, which has an ownership stake in ShoCard.

Child-like identities image via Shutterstock

DISCLOSURE

Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.

The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups. As part of their compensation, certain CoinDesk employees, including editorial employees, may receive exposure to DCG equity in the form of stock appreciation rights, which vest over a multi-year period. CoinDesk journalists are not allowed to purchase stock outright in DCG.


Learn more about Consensus 2024, CoinDesk’s longest-running and most influential event that brings together all sides of crypto, blockchain and Web3. Head to consensus.coindesk.com to register and buy your pass now.