- Summary:
- Hong Kong-based Terminal 3 is creating solutions to help companies of all sizes comply with rising stringent data security regulations.
Terminal 3, a Web3 startup based in Hong Kong, has announced that it just closed an oversubscribed pre-seed investment to create a decentralised user data infrastructure. The company did not reveal the amount raised, only saying that 500 Global, CMCC Global, Consensys Mesh, Bixin Ventures, BlackPine, DWeb3, Hard Yaka, Bored Room Ventures, Mozaik Capital, and others were among the investors who participated in the round.
The cost of securing data in the era of rising privacy concerns
Data security rules and regulations are tightening all around the world, and businesses are beginning to see the benefits of self-sovereign data. Terminal 3 says that its mission is to create solutions for businesses and individuals to facilitate this pivotal change in the digital world.
The company’s services provide an alternative to traditional, centralised data storage, which can invade users’ privacy and burden companies with compliance and security risks. Its goal is to eliminate the need for organisations to rely on costly and insecure centralised data storage systems that violate consumers’ right to privacy.
Gary Liu and his business partners, CPO Malcolm Ong and COO Joey Liu, are the brains behind Terminal 3. The three of them had the same experience of having founded, grown, and reshaped some of the most successful tech companies in the world. Furthermore, the co-founders have previously collaborated on the successful digital makeover of the South China Morning Post.
Companies around the world are feeling the pressure from privacy laws and regulations, spearheaded by the EU’s General Data Protection Regulation (GDPR) and China’s Personal Information Protection Law (PIPL). That’s not all-they are spending a lot of money on data security because of the growing number of data breaches, and by 2023, global spending on data security and risk management products is expected to reach more than US$188 billion. With this development, more and more C-suite executives see blockchain technology as the answer to protecting the privacy of their customers’ personal information.
To facilitate a fair Web3 where user data is freely composable while still maintaining full privacy and security, Terminal 3 employs decentralised storage and zero-knowledge proofs. Ultimately, its goal is to eliminate the need for organisations to rely on costly and insecure centralised data storage systems that violate consumers’ right to privacy.