Hong Kong, Hong Kong, August 2nd, 2023, Chainwire
Terminal 3, a Hong Kong-based Web3 startup, has successfully raised an oversubscribed pre-seed round from a world-class investor group comprising 500 Global, CMCC Global, Consensys Mesh, Bixin Ventures, BlackPine, DWeb3, Hard Yaka, Bored Room Ventures, Mozaik Capital, and others. The company aims to build user data infrastructure for a decentralized future and replace centralized data storage that poses privacy concerns and compliance and security issues for enterprises. Terminal 3 leverages decentralized storage and zero-knowledge proofs to empower an equitable Web3, where user data is fully private and secure while remaining freely composable.
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“The continued growth in blockchain allows us to reimagine digital data ownership and security,” said Gary Liu, CEO of Terminal 3. “We believe that data should flow freely between applications to drive innovation and improve user experience, but not at the expense of personal privacy and control.”
Terminal 3 is a company co-founded by Gary Liu, Malcolm Ong (CPO), and Joey Liu (COO). All three co-founders have a background in entrepreneurship and have previously held leadership positions in some of the world's leading technology companies. They worked together at the South China Morning Post, where they successfully led the newspaper's digital transformation. Gary was the Post's CEO, while Malcolm and Joey were SVP of Product and Head of Strategy respectively.
Malcolm was also the Co-founder and CTO of Skillshare, the world's largest online learning community for creativity. Gary and Joey co-founded Artifact Labs, a Web3 startup that is preserving historical assets on the blockchain and is backed by Blue Pool Capital and Animoca Brands. Gary is also the Founding Chair of Web3 Harbour, an association in Hong Kong that serves Web3 builders, investors, users, and leaders.
“I believe Gary, Malcolm, and Joey are perfectly suited to address data privacy problems that plague the internet,” said Vishal Harnal, Managing Partner at 500 Global. “Their mix of consumer startup success and expertise in enterprise technology could help bridge a critical gap between the old world of centralized data and the new world of decentralized identity.”
Terminal 3 secures pre-seed funding for decentralized user data infrastructure. Growing Need for Alternative Data Infrastructure
In recent years, there have been numerous regulations worldwide that focus on data privacy. These regulations, such as Europe's General Data Protection Regulation (GDPR) and China's Personal Information Protection Law (PIPL), have created a strict environment for storing and using personal information. Lawmakers and regulators are increasingly holding enterprises accountable for protecting individual privacy, with the trend set to continue with the approval of the Digital Market Act in Europe and upcoming GDPR-inspired laws in the United States and other countries.
US and UK corporations have spent over $9 billion on GDPR compliance since 2018, with those investing incurring average costs of $1 million annually. However, more than 40% of companies still lack any budget for such compliance, and GDPR fines continue to grow, with Meta alone sustaining over $2.3 billion in penalties.
Data security is also a costly enterprise concern as data breaches accelerate in frequency. Global spending on data security and risk management products is projected to exceed $188 billion in 2023. However, in a world where 90% of companies rely on multi-cloud environments, data privacy and security issues will grow regardless of investment.
Corporate executives are increasingly looking to blockchain technology as a solution for user data privacy and security. According to a recent survey by Coinbase, 51% of US Fortune 500 companies that use or plan to use blockchain employ the technology for "Data Collection and Management."
“Terminal 3 is a compelling alternative to the non-compliant and unsecured data infrastructure that enterprises rely on today,” said Shawn Cheng, Partner at Consensys Mesh. “Data regulations and security laws are becoming more stringent around the world, and companies are finally realizing that self-sovereign data is a great solution for both users and enterprises. We are excited to be involved in this important project.”
“Scaling Web3 will require the re-invention of core enterprise technologies,” added Gary Liu. “Terminal 3 is building solutions that serve both corporations and individuals, to enable this critical shift in our digital world.”
About Terminal 3
Terminal 3 is a Hong Kong-based Web3 startup building user data infrastructure for a decentralized future. The company’s solutions are an alternative to centralized data storage that deprives users of privacy and saddles enterprises with compliance and security concerns. Terminal 3 leverages decentralized storage and zero-knowledge proofs to empower an equitable Web3 where user data is freely composable while remaining fully private and secure. The company’s founders are successful corporate executives and entrepreneurs, who have built, scaled, and transformed some of the world’s most important companies. Terminal 3 is also backed by world-class investors including 500 Global, CMCC Global, Consensys Mesh, Bixin Ventures, BlackPine, DWeb3, Hard Yaka, and Bored Room Ventures.
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