500 Global backs pre-seed round of crypto security startup Terminal 3

Terminal 3 founders (from left) Malcolm Ong, Gary Liu, and Joey Liu / Photo credit: Terminal 3

In 2022, the crypto industry saw a concerning surge in cyberattacks, with around US$3.8 billion stolen from various crypto businesses that year. One of the major concerns lies in centralized data storage, which is a prime target for hackers because it holds a huge amount of user data under a single point of control.

In a bid to replace centralized data storage systems with its offering, Hong Kong-based Terminal 3 raised an undisclosed sum in its pre-seed round.

Funding details

• Funding amount: Undisclosed
• Other investors: 500 Global, CMCC Global, ConsenSys Mesh, Bixin Ventures, BlackPine, DWeb3 Capital, Hard Yaka, Bored Room Ventures, Mozaik Capital
• Stage: Early Stage
• Source

Using decentralized storage and zero-knowledge proofs, the startup aims to create a Web3 ecosystem where user data remains fully private and secure but composable.

See also: Rebuilding trust in crypto: Cobo seeks to revamp digital asset storage

Terminal 3 was founded by Gary Liu, Malcolm Ong, and Joey Liu. Ong was also the co-founder of Skillshare, an online learning community, while Gary and Joey co-founded Artifact Labs, a Web3 startup that preserves historical assets on the blockchain.

“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,” Gary said in a statement.

More details