EthSign — a Singapore-based electronic signing platform built on the Ethereum blockchain — today announced additional seed round funding from Silicon Valley venture capital firm Draper Associates.
- EthSign is a decentralized application that allows users to comment on, edit and access each version of an electronic agreement securely. Built on the Ethereum blockchain, there is no centralized server to store users’ information or the documents signed, and the platform offers decentralization, immutability and transparency for electronic document signing.
- Founded in 2019, EthSign started out as a hackathon project by University of Southern California undergraduate students Potter Li, Jack Xu, and Yan Xin. It previously raised US$650,000 in seed funding from a range of investors including NGC Ventures, imToken Ventures, Hashkey Capital and Xinjun Liang, the founder of Fosun Group.
- “The crypto world needs an array of decentralized, task-specific, open protocols to kickstart Web 3 network effects,” said Yan Xin, co-founder of EthSign. “Our mission at EthSign is to enable digital identities to authorize consent in various on-chain scenarios and in turn, contribute to the future of Web 3 globally.”
- Tim Draper, the founder of Draper Associates, a seed-stage venture capital firm, said: “We are big believers in the power and potential of task-specific blockchain solutions and are proud not only to invest in EthSign but to also sign the deal using the platform. With the recent explosion of NFTs and asset-backed tokens, I expect to see more of the crypto community, including Draper Associates, embrace EthSign’s digital, decentralized signatures.” Founded in 1985, Draper Associates is known for its early investments in high-valuation companies such as Tesla, Skype, Docusign and Baidu.