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 consumer information infrastructure for a decentralized future. The corporate introduced at this time a world-class investor group comprising 500 International, CMCC International, Consensys Mesh, Bixin Ventures, BlackPine, DWeb3, Laborious 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 consumer information is freely composable whereas remaining totally personal and safe.
“The continued progress in blockchain permits us to reimagine digital information possession and safety,” stated Gary Liu, CEO of Terminal 3. “We imagine that information ought to stream freely between functions to drive innovation and enhance consumer expertise, however not on the expense of non-public 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 remodeled among the world’s main expertise 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 handle information privateness issues that plague the web,” stated Vishal Harnal, Managing Companion at 500 International. “Their mixture of client startup success and experience in enterprise expertise may assist bridge a important hole between the previous world of centralized information and the brand new world of decentralized id.”
Rising Want for Different Knowledge Infrastructure
Over the previous 5 years, new rules on information privateness have created a stringent surroundings for the storage and use of non-public data worldwide. Led by Europe’s Basic Knowledge Safety Regulation (GDPR) and China’s Private Data Safety Regulation (PIPL), international 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 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. 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 pricey 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. Nevertheless, in a world the place 90% of firms depend on multi-cloud environments, information privateness and safety points will develop no matter funding.
Blockchain expertise is more and more considered by company executives as an answer for consumer information privateness and safety. In a current 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 expertise for ‘Knowledge Assortment and Administration’.
“Terminal 3 is a compelling different to the non-compliant and unsecured information infrastructure that enterprises depend on at this time,” stated Shawn Cheng, Companion at Consensys Mesh. “Knowledge rules and safety legal guidelines have gotten extra stringent world wide, and corporations are lastly realizing that self-sovereign information is a superb answer for each customers and enterprises. We’re excited to be concerned on this necessary challenge.”
“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 important shift in our digital world.”
About Terminal 3
Terminal 3 is a Hong Kong-based Web3 startup constructing consumer 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 consumer 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 remodeled among the world’s most necessary firms. Terminal 3 can also be backed by world-class buyers together with 500 International, CMCC International, Consensys Mesh, Bixin Ventures, BlackPine, DWeb3, Laborious Yaka, and Bored Room Ventures.