PARAMETA Partners with Web3Auth to Expand Blockchain Identity Verification Globally
November 14, 2024, Seoul — Web3 Enabler PARAMETA (formerly ICONLOOP, CEO JH Kim) has signed a strategic partnership with Web3Auth (CEO Zhen Yu Yong), a Singapore-based specialist in Web3 wallet and authentication solutions, setting out to expand its blockchain identity verification ecosystem globally.
The partnership aims to accelerate the development of blockchain-based authentication technology in global markets and to broaden the applicability of blockchain infrastructure across the public and private sectors.
Web3Auth is a global infrastructure company providing non-custodial Web3 wallets through Web2 social logins such as Google and Kakao. It works with more than 10,000 companies worldwide and supports over 20 million monthly users.
Through this partnership, PARAMETA plans to strengthen the global reach of its own DID identity verification platform, MyID, and to deepen global connectivity and technical cooperation for the government-led shared blockchain infrastructure for public institutions it is currently building. Web3Auth will also join the MyID Alliance — the cooperative body building a blockchain-based digital ID ecosystem — as a global partner, contributing to the expansion of MyID's global ecosystem. The two companies plan to lead next-generation authentication technology through joint research and development, creating a safer and more convenient digital authentication environment.
"Web3Auth is an influential wallet solution provider in the global market, and leading Korean companies such as SK Planet, LINE, and Neowiz are already among its key customers," said PARAMETA CEO JH Kim. "Through this partnership we will rapidly extend PARAMETA's DID ecosystem globally, while exploring ways to connect the government-led shared public blockchain infrastructure beyond Korea to the rest of the world."
"PARAMETA is a key Korean company with proven technology and results in the blockchain field," said Web3Auth CEO Zhen Yu Yong. "Through this partnership we plan to identify a range of business opportunities, further strengthening our position and driving growth in both global and Korean markets."
PARAMETA is running the demonstration project for the government-led shared blockchain infrastructure for public institutions (the K-BTF demonstration project), as part of the 2024 Blockchain Private Sector Expansion Program pursued by the Ministry of Science and ICT and the Korea Internet & Security Agency (KISA). With the service becoming the first blockchain service to receive CSAP (cloud service security certification), making it freely available to public institutions, PARAMETA plans to complete development of the infrastructure within this year and to expand the application of blockchain technology in the public sector through full commercialization from next year.
###