Root Protocol Raises $10M to Build Web3 Digital Identity Aggregator

Root Protocol, a digital identity service that aims to simplify access to Web3 platforms, has raised $10 million in two seed rounds, with a valuation of $100 million. The funding was led by Animoca Brands and included contributions from Signum Capital, Ankr Network, CMS Holdings, and angel investors Tekin Salimi and Meltem Demirors. Root Protocol is building a Web3 operating system that will serve as a digital identity aggregator, making it easier to access different Web3 platforms. This funding success may signal a change in investor attitudes towards Web3 projects, which saw a decline during the bear market of the last 18 months.