Manetu, a data privacy startup, reportedly just notched $3.5 million in seed funding, but distributed ledgers only have a small function in the company that will reportedly launch in April even though its team has blockchain expertise, Coindesk reported.
The firm is not heavy on the blockchain for coming up with the best way to handle personally identifiable information, as it chooses a mix of an encrypted portal that’s linked to systems such as Salesforce and Oracle as well as machine-learning algorithms.
CEO Moiz Kohari said per the report, “We could have retrofitted Hyperledger or any other blockchain project to do the management of consumers' personally identifiable information, but it would have just added so much unnecessary burden on the platform that we felt that wasn't necessary.”
The personnel at Manetu, however, are not short on their blockchain knowledge. The startup’s head of product, Conor Allen, was State Street’s senior vice president of enterprise data in the past, while former State Street executive Greg Haskins is the chief technology officer.
In other news, digital wallet firm Civic Technologies said in an announcement that its Civic Wallet is the “first and only non-custodial crypto wallet” to provide a $1 million crypto guarantee offered by Coincover.
The Coincover Cryptocurrency Protection Guarantee covers all customer holdings with a maximum value of $1 million for each wallet. Users don’t have to take extra measures to be eligible. The protection occurs automatically when signing up for the wallet.
Civic CEO and Co-founder Vinny Lingham said in the announcement, “We believe that everyone needs access to a neutral, trustworthy place to store their digital currency, especially in this extraordinary new financial climate. People are looking to move their digital currency so that they have more control and reliable, easy restoration if they ever lose access to their funds.”
Lingham continued, “Together with Coincover, we’re now ensuring that Civic Wallet users have this unique protection.”
Civic, for its part, is providing pre-registered users with its private beta in “a phased rollout” per the company.