Company to help enterprises prepare for international regulations; establishing U.S. headquarters to make it simple and secure to do business; Patented DCX architecture, created by the team who built the first and largest national scale DID verification system during the COVID pandemic, proves its scalability and reliability
SEOUL and SAN FRANCISCO, Nov. 20, 2024 /PRNewswire-PRWeb/ -- Hopae, makers of the world's most advanced digital identity solution, today announced $6.5 million in funding as the company introduces its proprietary, patented Digital Credential eXpress (DCX) architecture to the U.S., simplifying the complex world of decentralized ID (DID) implementation. Hopae helps governments and institutions issue reusable, privacy-preserving, and unforgeable digital IDs and credentials. Its expansion and funding news comes as companies seek to comply with new international digital identity regulations.
Hopae's funding, totaling $6.5 million, includes $4.3 million in seed round from investors led by SV Investment, with participation from Z Venture Capital, Bon Angels Venture Partners, along with $2.2 million in debt financing from Korea Credit Guarantee Fund (KODIT). These funds will be used to establish Hopae's U.S. headquarters, expand across Europe, and solidify strategic partnerships for age and identity verification. Hopae also plans to aggressively hire across its Seoul and Paris offices and establish its new U.S. base in San Francisco to secure the talent needed to rapidly scale as it prepares to provide an ideal solution for the European Union's (EU) new comprehensive framework for digital identity.
Known as the eIDAS 2.0 Regulation, the EU's measure aims to create a secure, user-friendly, and interoperable digital identity system across all member states. The goal is for at least 80% of EU citizens to use the European Digital Identity (EUDI) Wallet by 2030. Widespread adoption is expected to bolster trust in digital transactions and facilitate smoother cross-border activities, enabling citizens and businesses to engage more confidently in the digital market. Hopae fits into this vision by making the open-source building blocks for such digital wallets. It is expected to play a prominent role in their acceptance and success.
"Traditional methods of identification no longer make sense. Aside from being cumbersome, they simply do not meet modern privacy and security needs," said Ace Shim, co-founder and CEO of Hopae. "Although eIDAS 2.0 represents a driving force for the adoption of Hopae's technology, it is clear that this is a necessity for everyone from enterprises that seek to conduct international business to the shops that want to sell goods like alcohol online. Hopae is at the forefront of a paradigm shift, and we are excited to bring DCX to the U.S."
The World's Most Advanced Digital Identity Solution
At its core, Hopae's DCX architecture utilizes blockchain technology, ensuring the highest levels of security and integrity for digital credentials. The design philosophy behind DCX prioritizes user control over personal data, making it the perfect solution for a variety of applications, from government services to private sector identity verification needs.
Its flexibility and adherence to global standards underscores the versatility of this forward-thinking solution. The DCX system is lightweight, scalable, and capable of handling high traffic volumes while ensuring interoperability and data privacy.
DCX components create a simple, seamless, and scalable wallet infrastructure. Key benchmarks include:
- 0.1 seconds for issue and verify notification: ~30x faster than other methods
- 7 milliseconds for resolving: ~550x faster than other methods
- 300 milliseconds for revocation: ~33x faster than other methods
- 1 instance for 10K active agents: 10,000x fewer instances and 100x cheaper server costs compared to cloud solutions
Additionally, because DCX divides blockchain nodes by role, it is 2x faster than other options with 10x faster blockchain operation.
Team You Can Trust
While Hopae's architecture contributes to improving wallets, the key for widespread adoption lies in stable operation for millions of users and billions of daily verifications without any friction that could slow down transaction speeds or impede the overall experience. Hopae stands alone in terms of scalability, reliability, and user experience.
The company's founders were core developers of the first and largest national scale DID verification system, exemplified by COOV during COVID. The COOV system recorded 43 million monthly active users and 200 million daily transactions (including 10,000+ requests per second) in just three months. COOV was provided to major Korean super-apps and telco services as an API and was compatible with systems in Singapore and Europe. This extensive experience puts the Hopae team years ahead of competitors in the rapidly evolving digital wallet paradigm.
"DID will soon be used for everything from international travel to healthcare and certifications to online safety for minors. But a trustworthy, high performance solution is absolutely essential to protect businesses, governments, and users themselves," said Ilyong Choi of SV Investment. "Hopae has the roots to revolutionize digital identity on a global scale. We are excited to help the company take its next steps forward."
About Hopae Inc.
Hopae is reshaping the digital identity landscape with DID (Decentralized Identity) technology. We help governments and institutions to issue reusable, privacy-preserving, and unforgeable digital IDs and credentials. During COVID-19, the founders built the national vaccination pass that was used by 43m users daily. Currently, we make open source building blocks for digital wallets, mainly focused on the new EU regulation which aims to have 80% of the population have a single digital identity for access to all. Hopae has offices in Seoul, Paris and is currently establishing its new headquarters in San Francisco. Find out more at www.hopae.com.
Media Contact
Amber Moore, Moore Communications, 1 5039439381, amber@moorecom2.com
SOURCE Hopae Inc.
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