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Hong Kong, Hong Kong, August 2nd, 2023, Chainwire
Terminal 3, a Hong Kong-based Web3 startup, has efficiently raised an oversubscribed pre-seed spherical to construct person information infrastructure for a decentralized future. The corporate introduced right this moment a world-class investor group comprising 500 International, CMCC International, Consensys Mesh, Bixin Ventures, BlackPine, DWeb3, Exhausting Yaka, Bored Room Ventures, Mozaik Capital, and others.
The corporate goals to switch centralized information storage that deprives customers of privateness and saddles enterprises with compliance and safety points and their related prices. Terminal 3 leverages decentralized storage and zero-knowledge proofs to empower an equitable Web3, the place person information is freely composable whereas remaining totally personal and safe.
“The continued progress in blockchain permits us to reimagine digital information possession and safety,” mentioned Gary Liu, CEO of Terminal 3. “We imagine that information ought to stream freely between purposes to drive innovation and enhance person expertise, however not on the expense of private privateness and management.”
Terminal 3 was co-founded by Gary Liu alongside his companions Malcolm Ong (CPO) and Joey Liu (COO). All three have been former entrepreneurs and enterprise leaders who’ve constructed, scaled, and reworked among the world’s main know-how firms. The co-founders beforehand labored collectively on the South China Morning Submit, the place they led the historic newspaper’s profitable digital transformation. Gary was the Submit’s CEO, whereas Malcolm and Joey have been SVP of Product and Head of Technique respectively.
Malcolm was additionally the Co-founder and CTO of Skillshare, the world’s largest on-line studying group for creativity, whereas Gary and Joey co-founded Artifact Labs, a Web3 startup backed by Blue Pool Capital and Animoca Manufacturers that’s preserving historic property on the blockchain. Gary can also be the Founding Chair of Web3 Harbour, an affiliation in Hong Kong serving Web3 builders, buyers, customers, and leaders.
“I imagine Gary, Malcolm, and Joey are completely suited to deal with information privateness issues that plague the web,” mentioned Vishal Harnal, Managing Companion at 500 International. “Their mixture of client startup success and experience in enterprise know-how may assist bridge a vital hole between the previous world of centralized information and the brand new world of decentralized identification.”
Rising Want for Various Information Infrastructure
Over the previous 5 years, new laws on information privateness have created a stringent atmosphere for the storage and use of private info worldwide. Led by Europe’s Common Information Safety Regulation (GDPR) and China’s Private Data Safety Legislation (PIPL), world regulators and lawmakers are more and more holding enterprises accountable for the safety of particular person privateness. This development is ready to proceed with the approval of the Digital Market Act in Europe and upcoming GDPR-inspired legal guidelines in america and world wide.
US and UK firms have spent over US$9 billion on GDPR compliance since 2018, with these investing incurring common prices of US$1 million yearly. Nonetheless, over 40% of firms nonetheless lack any price range for such compliance whereas GDPR fines proceed to develop, with Meta alone sustaining over US$2.3 billion in penalties.
Information safety can also be a expensive enterprise concern as information breaches speed up in frequency. International spending on information safety and threat administration merchandise is projected to exceed US$188 billion in 2023. Nonetheless, in a world the place 90% of firms depend on multi-cloud environments, information privateness and safety points will develop no matter funding.
Blockchain know-how is more and more seen by company executives as an answer for person information privateness and safety. In a latest survey of US Fortune 500 firms, Coinbase discovered that 51% of enterprises that use or plan to make use of blockchain make use of the know-how for ‘Information Assortment and Administration’.
“Terminal 3 is a compelling different to the non-compliant and unsecured information infrastructure that enterprises depend on right this moment,” mentioned Shawn Cheng, Companion at Consensys Mesh. “Information laws and safety legal guidelines have gotten extra stringent world wide, and firms are lastly realizing that self-sovereign information is a good answer for each customers and enterprises. We’re excited to be concerned on this essential mission.”
“Scaling Web3 would require the re-invention of core enterprise applied sciences,” added Gary Liu. “Terminal 3 is constructing options that serve each firms and people, to allow this vital shift in our digital world.”
About Terminal 3
Terminal 3 is a Hong Kong-based Web3 startup constructing person information infrastructure for a decentralized future. The corporate’s options are an alternative choice to centralized information storage that deprives customers of privateness and saddles enterprises with compliance and safety issues. Terminal 3 leverages decentralized storage and zero-knowledge proofs to empower an equitable Web3 the place person information is freely composable whereas remaining totally personal and safe. The corporate’s founders are profitable company executives and entrepreneurs, who’ve constructed, scaled, and reworked among the world’s most essential firms. Terminal 3 can also be backed by world-class buyers together with 500 International, CMCC International, Consensys Mesh, Bixin Ventures, BlackPine, DWeb3, Exhausting Yaka, and Bored Room Ventures.
For extra details about Terminal 3, please go to Terminal 3’s: Official Web site | Twitter | LinkedIn
Contact
Joey Liu
Terminal 3
[email protected]
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