Terminal 3 secures pre-seed funding for decentralized user data infrastructure.

Terminal 3 secures pre-seed funding for decentralized user data infrastructure.

Terminal 3 Raises Funding for Building User Data Infrastructure in a Decentralized Future

Hong Kong, Hong Kong, August 2nd, 2023, Chainwire – Terminal 3, a Web3 startup based in Hong Kong, has successfully raised an oversubscribed pre-seed round of funding to develop user data infrastructure for a decentralized future. The company has announced an impressive investor group, including 500 Global, CMCC Global, Consensys Mesh, Bixin Ventures, BlackPine, DWeb3, Hard Yaka, Bored Room Ventures, Mozaik Capital, and others.

Empowering a Decentralized and Secure Web3

Terminal 3 aims to replace centralized data storage systems that compromise user privacy and burden enterprises with compliance and security issues. By leveraging decentralized storage and zero-knowledge proofs, Terminal 3 envisions an equitable Web3 where user data is freely composable yet remains fully private and secure.

“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 was co-founded by Gary Liu, Malcolm Ong (CPO), and Joey Liu (COO). The three co-founders have a wealth of experience as former entrepreneurs and business leaders. They have successfully built, scaled, and transformed leading technology companies. Prior to founding Terminal 3, they worked together at the South China Morning Post, where they led the newspaper’s digital transformation. Additionally, Malcolm was the Co-founder and CTO of Skillshare, while Gary and Joey co-founded Artifact Labs, a Web3 startup preserving historical assets on the blockchain. Gary also serves as the Founding Chair of Web3 Harbour, an association in Hong Kong serving Web3 builders, investors, users, and leaders.

Vishal Harnal, Managing Partner at 500 Global, expressed confidence in the Terminal 3 team, stating, “I believe Gary, Malcolm, and Joey are perfectly suited to address data privacy problems that plague the internet. 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.”

The Growing Need for Alternative Data Infrastructure

In recent years, an increasing number of data privacy regulations, such as Europe’s General Data Protection Regulation (GDPR) and China’s Personal Information Protection Law (PIPL), have created a strict environment for the storage and use of personal information globally. This trend is expected to continue with the approval of the Digital Market Act in Europe and upcoming GDPR-inspired laws in the United States and other countries.

Complying with these regulations has proven to be costly for companies, with US and UK corporations spending over $9 billion on GDPR compliance since 2018. The average annual cost for companies investing in compliance is $1 million, while approximately 40% of companies lack any budget for such measures. GDPR fines have continued to accumulate, with Meta alone enduring over $2.3 billion in penalties.

Data breaches are also increasing in frequency, making data security a major concern for enterprises. Global spending on data security and risk management products is expected to surpass $188 billion in 2023. However, even with substantial investments, data privacy and security issues persist due to the widespread reliance on multi-cloud environments, which makes companies vulnerable to breaches.

In response to these challenges, corporate executives have started viewing blockchain technology as a solution for user data privacy and security. A survey conducted by Coinbase revealed that 51% of US Fortune 500 companies implementing or planning to implement blockchain are using the technology for data collection and management.

Shawn Cheng, Partner at Consensys Mesh, praised Terminal 3 as an alternative to non-compliant and unsecured data infrastructure. He highlighted the increasing stringency of data regulations and security laws worldwide and emphasized that self-sovereign data offers a solution benefiting both users and enterprises.

According to Gary Liu, “Scaling Web3 will require the re-invention of core enterprise technologies. 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 dedicated to building user data infrastructure for a decentralized future. The company’s solutions provide an alternative to centralized data storage systems that compromise user privacy and burden 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, Gary Liu, Malcolm Ong, and Joey Liu, bring extensive experience as corporate executives and entrepreneurs. They have successfully built, scaled, and transformed some of the world’s most prominent technology companies. Terminal 3 is backed by esteemed investors, including 500 Global, CMCC Global, Consensys Mesh, Bixin Ventures, BlackPine, DWeb3, Hard Yaka, and Bored Room Ventures.

For more information about Terminal 3, please visit their Official Website, Twitter, or LinkedIn.

Contact:

Joey Liu

Terminal 3

[email protected]

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