PARAMETA Partners with Web3Auth to Accelerate Global Expansion of Blockchain-Based Digital Identity

SEOUL, November 14, 2024 — PARAMETA Corp. (formerly ICONLOOP, CEO Jonghyup Kim), a leading Web3 Enabler, announced a strategic partnership with Web3Auth, a Singapore-based Web3 authentication and wallet infrastructure company led by CEO Zhen Yu Yong, to drive the global expansion of blockchain-based identity authentication ecosystems.

This collaboration aims to accelerate the advancement of blockchain authentication technologies and broaden the use of blockchain infrastructure across both public and private sectors worldwide.

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Bridging Web2 and Web3 Authentication

Web3Auth is a global authentication infrastructure provider that enables non-custodial Web3 wallets using Web2 social login methods such as Google and Kakao.
The company currently partners with over 10,000 organizations globally and supports more than 20 million monthly active users, making it one of the most widely adopted decentralized authentication systems in the world.

Through this partnership, PARAMETA will strengthen global interoperability for its decentralized identity (DID) platform “MyID”, aligning it with the government-led Public Blockchain Shared Infrastructure (K-BTF) project currently underway in Korea.
In addition, Web3Auth will join the MyID Alliance, a consortium dedicated to building blockchain-based digital ID ecosystems, as a global partner, contributing to the expansion of the MyID ecosystem worldwide.

The two companies plan to conduct joint R&D initiatives to pioneer next-generation authentication technologies and deliver a more secure and user-friendly digital identity environment.

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Statements from Executives

“Web3Auth is a globally recognized wallet and authentication provider with clients including SK Planet, LINE, and Neowiz in Korea,”
said Jonghyup Kim, CEO of PARAMETA.
“Through this collaboration, PARAMETA aims to accelerate the global expansion of its DID ecosystem and explore ways to link Korea’s public blockchain infrastructure to international networks.”

Zhen Yu Yong, CEO of Web3Auth, added,
“PARAMETA is one of Korea’s most trusted and technically advanced blockchain companies.
Through this partnership, we look forward to unlocking new business opportunities and strengthening our presence in both the global and Korean markets.”

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Expanding Blockchain Infrastructure for the Public Sector

PARAMETA is currently leading the Public Blockchain Shared Infrastructure (K-BTF) Demonstration Project, promoted by the Ministry of Science and ICT (MSIT) and the Korea Internet & Security Agency (KISA) under the 2024 Blockchain Expansion Project for the Private Sector.

The initiative marks the first blockchain service in Korea to obtain CSAP (Cloud Service Security Certification), enabling government institutions to adopt blockchain technology securely and efficiently.
PARAMETA plans to complete infrastructure development within this year, followed by full-scale commercialization in 2025, extending the adoption of blockchain technology across the public sector.