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 knowledge infrastructure for a decentralized future. The corporate introduced in the present day 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 knowledge 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 knowledge is freely composable whereas remaining absolutely non-public and safe.
“The continued development in blockchain permits us to reimagine digital knowledge possession and safety,” stated Gary Liu, CEO of Terminal 3. “We imagine that knowledge ought to move 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 Publish, the place they led the historic newspaper’s profitable digital transformation. Gary was the Publish’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 belongings on the blockchain. Gary can also be the Founding Chair of Web3 Harbour, an affiliation in Hong Kong serving Web3 builders, traders, customers, and leaders.
“I imagine Gary, Malcolm, and Joey are completely suited to handle knowledge privateness issues that plague the web,” stated Vishal Harnal, Managing Accomplice at 500 International. “Their mixture of client startup success and experience in enterprise know-how may assist bridge a essential hole between the outdated world of centralized knowledge and the brand new world of decentralized id.”
Rising Want for Different Knowledge Infrastructure
Over the previous 5 years, new laws on knowledge privateness have created a stringent atmosphere for the storage and use of private info worldwide. Led by Europe’s Normal Knowledge 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 about to proceed with the approval of the Digital Market Act in Europe and upcoming GDPR-inspired legal guidelines in the US and all over the world.
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. Nevertheless, 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.
Knowledge safety can also be a expensive enterprise concern as knowledge breaches speed up in frequency. International spending on knowledge safety and danger administration merchandise is projected to exceed US$188 billion in 2023. Nevertheless, in a world the place 90% of firms depend on multi-cloud environments, knowledge 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 knowledge 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 ‘Knowledge Assortment and Administration’.
“Terminal 3 is a compelling different to the non-compliant and unsecured knowledge infrastructure that enterprises depend on in the present day,” stated Shawn Cheng, Accomplice at Consensys Mesh. “Knowledge laws and safety legal guidelines have gotten extra stringent all over the world, and corporations are lastly realizing that self-sovereign knowledge is a superb answer for each customers and enterprises. We’re excited to be concerned on this vital 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 essential shift in our digital world.”
About Terminal 3
Terminal 3 is a Hong Kong-based Web3 startup constructing person knowledge infrastructure for a decentralized future. The corporate’s options are an alternative choice to centralized knowledge 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 knowledge is freely composable whereas remaining absolutely non-public and safe. The corporate’s founders are profitable company executives and entrepreneurs, who’ve constructed, scaled, and reworked among the world’s most vital firms. Terminal 3 can also be backed by world-class traders together with 500 International, CMCC International, Consensys Mesh, Bixin Ventures, BlackPine, DWeb3, Exhausting Yaka, and Bored Room Ventures.