Pete Rizzo: OneName Raises Seed Funding to Fuel Decentralized Identity Protocol

Open-source identity protocol provider OneName announced a forward-looking roadmap this week that will see it extend more open-source software to developers as it bids to disrupt the existing online authentication process.

The blog post follows a relative period of quiet for the project, which debuted its social solution for bitcoin addresses this March. Though the Openname tool garnered widespread use in the community, OneName said it now intends to move beyond simply providing a domain name system for bitcoin toward offering an entire suite of tools for online identity.

Perhaps most interestingly, however, was the post's revelation that OneName had recently closed an undisclosed seed round backed by Union Square Ventures. OneName's full list of investors now includes noted bitcoin advocate and SecondMarket chairman Barry Silbert; AngelList CEO and co-founder Naval Ravikant; and San Francisco-based investment firm SV Angel.
However, OneName core developers Muneeb Ali and Ryan Shea stressed in an interview that the funding should be secondary to the company's larger goals.
Ali told CoinDesk:

"We feel like a lot of our investors are really true believers in creating open-source communities and a large developer platform where everyone can contribute. We don't feel like funding itself is an achievement. It's really about what you're working on."