Hopae announces $6.5 million funding for digital ID expansion

Hopae, makers of the world’s most advanced digital identity solution, announced $6.5 million in funding as the company introduces its proprietary, patented Digital Credential eXpress (DCX) architecture to the U.S., simplifying the complex world of decentralised ID (DID) implementation.

Hopae helps governments and institutions issue reusable, privacy-preserving, and unforgeable digital IDs and credentials. Its expansion and funding news comes as companies seek to comply with new international digital identity regulations.

Identity verification

Hopae’s funding, totalling $6.5 million, includes $4.3 million in seed round from investors 

Hopae’s funding, totalling $6.5 million, includes $4.3 million in seed round from investors led by SV Investment, with participation from Z Venture Capital, Bon Angels Venture Partners, along with $2.2 million in debt financing from Korea Credit Guarantee Fund (KODIT).

These funds will be used to establish Hopae’s U.S. headquarters, expand across Europe, and solidify strategic partnerships for age and identity verification.

eIDAS 2.0 Regulation

Hopae also plans to aggressively hire across its Seoul and Paris offices and establish its new U.S. base in San Francisco to secure the talent needed to rapidly scale, as it prepares to provide an ideal solution for the European Union’s (EU) new comprehensive framework for digital identity.

Known as the eIDAS 2.0 Regulation, the EU’s measure aims to create a secure, user-friendly, and interoperable digital identity system across all member states.

The goal is for at least 80% of EU citizens to use the European Digital Identity (EUDI) Wallet by 2030.

Digital transactions

Hopae fits into this vision by making the open-source building blocks for such digital wallets

Widespread adoption is expected to bolster trust in digital transactions and facilitate smoother cross-border activities, enabling citizens and businesses to engage more confidently in the digital market. 

Hopae fits into this vision by making the open-source building blocks for such digital wallets. It is expected to play a prominent role in their acceptance and success.

Adoption of Hopae’s technology

“Traditional methods of identification no longer make sense. Aside from being cumbersome, they simply do not meet modern privacy and security needs,” said Ace Shim, Co-Founder and CEO of Hopae.

Ace Shim adds, “Although eIDAS 2.0 represents a driving force for the adoption of Hopae’s technology, it is clear that this is a necessity for everyone from enterprises that seek to conduct international business to shops that want to sell goods like alcohol online. Hopae is at the forefront of a paradigm shift, and we are excited to bring DCX to the U.S.”

Advanced Digital Identity Solution

Hopae’s DCX architecture utilises blockchain technology, ensuring the highest levels of security

At its core, Hopae’s DCX architecture utilises blockchain technology, ensuring the highest levels of security and integrity for digital credentials.

The design philosophy behind DCX prioritises user control over personal data, making it the perfect solution for a variety of applications, from government services to private sector identity verification needs. 

Its flexibility and adherence to global standards underscores the versatility of this forward-thinking solution. The DCX system is lightweight, scalable, and capable of handling high traffic volumes, while ensuring interoperability and data privacy. 

Key benchmarks

DCX components create a simple, seamless, and scalable wallet infrastructure.

Key benchmarks include:

• 0.1 seconds for issue and verify notification: ~30x faster than other methods
• 7 milliseconds for resolving: ~550x faster than other methods
• 300 milliseconds for revocation: ~33x faster than other methods
• One instance for 10K active agents: 10,000x fewer instances and 100x cheaper server costs compared to cloud solutions

Additionally, because DCX divides blockchain nodes by role, it is 2x faster than other options with 10x faster blockchain operation.

Team they can trust

While Hopae’s architecture contributes to improving wallets, the key for widespread adoption lies in stable operation for millions of users and billions of daily verifications without any friction that could slow down transaction speeds or impede the overall experience.

Hopae stands alone in terms of scalability, reliability, and user experience. The company’s founders were core developers of the first and largest national-scale DID verification system, exemplified by COOV during COVID-19. 

Korean super-apps and telco services

COOV was provided to major Korean super-apps and telco services as an API and was compatible

The COOV system recorded 43 million monthly active users and 200 million daily transactions (including 10,000+ requests per second) in just three months. 

COOV was provided to major Korean super-apps and telco services as an API and was compatible with systems in Singapore and Europe. This extensive experience puts the Hopae team years ahead of competitors in the rapidly evolving digital wallet paradigm.

Revolutionise digital identity

“DID will soon be used for everything from international travel to healthcare and certifications to online safety for minors. But a trustworthy, high-performance solution is absolutely essential to protect businesses, governments, and users themselves,” said Ilyong Choi of SV Investment.

Ilyong Choi adds, “Hopae has the roots to revolutionise digital identity on a global scale. We are excited to help the company take its next steps forward.”