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ForgeRock nabs $93.5M for its ID management platform, gears up next for an IPO

For better or worse, digital identity management services — the process of identifying and authenticating users on networks to access services — has become a ubiquitous part of interacting on the internet, all the more so in the recent weeks as we have been asked to carry out increasingly more of our lives online. Used […]

The post ForgeRock nabs .5M for its ID management platform, gears up next for an IPO first appeared on Blockchain Consultants.

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For better or worse, digital identity management services — the process of identifying and authenticating users on networks to access services — has become a ubiquitous part of interacting on the internet, all the more so in the recent weeks as we have been asked to carry out increasingly more of our lives online.

Used correctly, they help ensure that it’s really you logging into your online banking service; used badly, you feel like you can’t innocently watch something silly on YouTube without being watched yourself. Altogether, they are a huge business: worth $16 billion today according to Gartner but growing at upwards of 30% and potentially as big as $30.5 billion by 2024, according to the latest forecasts.

Now, a company called ForgeRock, which has built a platform that is used to help make sure that those accessing services really are who they say are, and help organizations account for how their services are getting used, is announcing a big round of funding to continue expanding its business amid a huge boost in demand.

The company is today announcing that it has raised $93.5 million in funding, a Series E it will use to continue expanding its product and take it to its next step as a business, specifically investing in R&D, cloud services and its ForgeRock Identity Cloud, and general global business development.

The round is being led by Riverwood Capital, and Accenture Ventures, as well as previous investors Accel, Meritech Capital, Foundation Capital and KKR Growth, also participated.

Fran Rosch, the startup’s CEO, said in an interview that this will likely be its final round of funding ahead of an IPO, although given the current static of affairs with a lot of M&A, there is no timing set for when that might happen. (Notably, the company had said its last round of funding — $88 million in 2017 — would be its final ahead of an IPO, although that was under a different CEO.)

This Series E brings the total raised by the company to $230 million. Rosch confirmed it was raised as a material upround, although he declined to give a valuation. For some context, the company’s last post-money valuation was $646.50 million per PitchBook, and so this round values the company at more than $730 million.

ForgeRock has annual recurring revenues of more than $100 million, with annual revenues also at over $100 million, Rosch said. It operates in an industry heavy with competition, with some of the others vying for pole position in the various aspects of identity management including Okta, LastPass, Duo Serurity and Ping Identity.

But within that list it has amassed some impressive traction. In total it has 1,100 enterprise customers, who in turn collectively manage 2 billion identities through ForgeRock’s platform, with considerably more devices also authenticated and managed on top of that.

Customers include the likes of the BBC — which uses ForgeRock to authenticate and log not just 45 million users but also the devices they use to access its iPlayer on-demand video streaming service — Comcast, a number of major banks, the European Union and several other government organizations. ForgeRock was originally founded in Norway about a decade ago, and while it now has its headquarters in San Francisco, it still has about half its employees and half its customers on the other side of the Atlantic.

Currently ForgeRock provides services to businesses related to identity management including password and username creation, identity governance, directory services, privacy and consent gates, which they in turn provide both to their human customers as well as to devices accessing their services, but we’re in a period of change right now when it comes to identity management. It stays away from direct-to-consumer password management services and Rosch said there are no plans to move into that area.

These days, we’ve become more aware of privacy and data protection. Sometimes, it’s been because of the wrong reasons, such as giant security breaches that have leaked some aspect of our personal information into a giant database, or because of a news story that has uncovered how our information has unwittingly been used in ‘legit’ commercial schemes, or other ways we never imagined it would.

Those developments, combined with advances in technology, are very likely to lead us to a place over time where identity management will become significantly more shielded from misuse. These could include more ubiquitous use of federated identities, “lockers” that store our authentication credentials that can be used to log into services but remain separate from their control, and potentially even applications of blockchain technology.

All of this means that while a company like ForgeRock will continue to provide its current services, it’s also investing big in what it believes will be the next steps that we’ll take as an industry, and society, when it comes to digital identity management — something that has had a boost of late.

“There are a lot of interesting things going on, and we are working closely behind the scenes to flesh them out,” Rosch said. “For example, we’re looking at how best to break up data links where we control identities to get access for a temporary period of time but then pull back. It’s a powerful trend that is still about four to five years out. But we are preparing for this, a time when our platform can consume decentralised identity, on par with logins from Google or Facebook today. That is an interesting area.”

He notes that the current market, where there has been an overall surge for all online services as people are staying home to slow the speed of the coronavirus pandemic, has seen big boosts in specific verticals.

Its largest financial services and banking customers have seen traffic up by 50%, and digital streaming has been up by 300% — with customers like the BBC seeing spikes in usage at 5pm every day (at the time of the government COVID-19 briefing) that are as high as its most popular primetime shows or sporting events — and use of government services has also been surging, in part because many services that hadn’t been online are now developing online presences or seeing much more traffic from digital channels than before. Unsurprisingly, its customers in hotel and travel, as well as retail, have seen drops, he added.

“ForgeRock’s comprehensive platform is very well-positioned to capitalize on the enormous opportunity in the Identity & Access Management market,” said Jeff Parks, co-founder and managing partner of Riverwood Capital, in a statement. “ForgeRock is the leader in solving a wide range of workforce and consumer identity use cases for the Global 2000 and is trusted by some of the largest companies to manage millions of user identities. We have seen the growth acceleration and are thrilled to partner with this leadership team.” Parks is joining the board with this round.

Source: https://blockchainconsultants.io/forgerock-nabs-93-5m-for-its-id-management-platform-gears-up-next-for-an-ipo/

Blockchain

Robinhood Testing New Cryptocurrency Wallet as Demand Rises

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The millennial-focused trading portal is edging closer to launching a long-awaited app that will enable its growing user-base to send and receive cryptocurrencies.

A beta version of Robinhood’s iPhone app showed the company’s latest upgrades on the new digital asset features, according to Bloomberg.

There is a hidden image showing a waiting list for users eager to get their hands on the app and code referring to crypto transfers, it added.

Delving Deeper into Crypto

Robinhood users can already buy and sell cryptocurrencies on the platform but they need to convert them to and from USD. With a native app, users will be able to send crypto assets to each other directly and set up two-factor authentication for additional security.

Robinhood Chief Executive Officer Vlad Tenev stated that adding crypto wallets is a priority for the company’s developers and they are actively working on such.


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“The ability to deposit and withdraw cryptocurrencies is tricky to do with scale, and we want to make sure it’s done correctly and properly.”

He did not specify a launch date, but the beta app leak suggests it is not too far away. Users of the new functions will need to activate crypto sending and receiving and the registration page will require an identity check, the report added.

On Sept. 11, CryptoPotato reported that Robinhood had launched incentives to promote longer-term cryptocurrency investing. The zero-fee recurring purchase feature enables users to schedule digital asset purchases for regular intervals with buys as low as a dollar.

This will encourage customers to build their cryptocurrency portfolios over time and “become a whole coiner,” stated Robinhood.

Robinhood Users Hungry For Crypto

Cryptocurrency trading has been one of the biggest drivers of revenue for Robinhood this year. Dogecoin has been the crown jewel, according to the company. It reported that 62% of its $233 million in second-quarter crypto income came from DOGE trading.

It added that more than half of all transaction-based revenue on the platform came from digital asset trading. The firm did warn that Q3 would not be as prosperous due to “seasonal headwinds and lower trading activity across the industry.”

Robinhood share prices have already fallen 43% since their all-time high of a little over $70 in early August. They are currently trading down 1.68% since Monday’s open at $40.70 according to Yahoo! Finance.

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Source: https://cryptopotato.com/robinhood-testing-new-cryptocurrency-wallet-as-demand-rises/

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Snoop Dogg Reveals His Connection With Twitter Account on NFTs

Snoop Dogg Twitter

Rate this post American rapper Snoop Dogg tweeted on Monday that he’s the owner of a Twitter account that talks about nonfungible tokens (NFTs). The account, named @CozomoMedici, shares “insights and tales from the wild world of NFTs” and has 27.7K followers at the moment. Snoop Dog Claims to Be Popular NFT Advocate on Twitter Snoop Dogg left the crypto community stunned this week after he revealed himself as the owner of a Twitter account dedicated to NFTs.  The account Cozomo de’ Medici, named after an Italian banker, is only a month old. However, it has already garnered attention from industry watchers and even a mention from crypto-focused news outlet The Block.   According to The Verge, the person behind the Medici account had been creating hype around their real identity for “at least a few days” and even conducted a poll for their followers to take a guess. The poll featured Democratic congresswoman Alexandria Ocasio-Cortez and Matt Bellamy, the lead singer of the rock band Muse. Snoop, however, was not mentioned in the poll. On September 20, @CozomoMedici tweeted that they were about to reveal their identity from their account. Shortly after, Snoop Dogg tweeted “I am @CozomoMedici.”   Interestingly, after making this revelation, the Medici account bought two weed-themed collectibles from an artist named NyanDogg, The Verge reported. Additionally, Snoop’s alleged OpenSea account has been sent  “a cloud of blunt and Snoop-themed NFTs” following the reveal. Is Medici Account an Elaborate Prank? The Medici account could likely turn out to be an elaborate prank, one that Snoop might have engineered himself or just participated in. Many reactions to Medici’s reveal have also expressed skepticism about Snoop’s involvement. “I have a hard time accepting that this account is Snoop Dogg. Like seriously Snoop Dogg muted his live stream for a week (?) by accident. And he is that deep into NFTs out here owning crypto punks… Owning Eth using OpenSea. Would love that to be true but I can’t believe it,” Twitter user @Brandolf485 wrote in the comments. Nonetheless, the crypto community will have to continue looking for concrete proof till Snoop’s involvement with the account is confirmed. 

The post Snoop Dogg Reveals His Connection With Twitter Account on NFTs appeared first on Cryptoknowmics-Crypto News and Media Platform.

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American rapper Snoop Dogg tweeted on Monday that he’s the owner of a Twitter account that talks about nonfungible tokens (NFTs). The account, named @CozomoMedici, shares “insights and tales from the wild world of NFTs” and has 27.7K followers at the moment.

Snoop Dog Claims to Be Popular NFT Advocate on Twitter

Snoop Dogg left the crypto community stunned this week after he revealed himself as the owner of a Twitter account dedicated to NFTs. 

The account Cozomo de’ Medici, named after an Italian banker, is only a month old. However, it has already garnered attention from industry watchers and even a mention from crypto-focused news outlet The Block.  

According to The Verge, the person behind the Medici account had been creating hype around their real identity for “at least a few days” and even conducted a poll for their followers to take a guess. The poll featured Democratic congresswoman Alexandria Ocasio-Cortez and Matt Bellamy, the lead singer of the rock band Muse. Snoop, however, was not mentioned in the poll.

On September 20, @CozomoMedici tweeted that they were about to reveal their identity from their account. Shortly after, Snoop Dogg tweeted “I am @CozomoMedici.”

Interestingly, after making this revelation, the Medici account bought two weed-themed collectibles from an artist named NyanDogg, The Verge reported. Additionally, Snoop’s alleged OpenSea account has been sent  “a cloud of blunt and Snoop-themed NFTs” following the reveal.

Is Medici Account an Elaborate Prank?

The Medici account could likely turn out to be an elaborate prank, one that Snoop might have engineered himself or just participated in. Many reactions to Medici’s reveal have also expressed skepticism about Snoop’s involvement.

“I have a hard time accepting that this account is Snoop Dogg. Like seriously Snoop Dogg muted his live stream for a week (?) by accident. And he is that deep into NFTs out here owning crypto punks… Owning Eth using OpenSea. Would love that to be true but I can’t believe it,” Twitter user @Brandolf485 wrote in the comments.

Nonetheless, the crypto community will have to continue looking for concrete proof till Snoop’s involvement with the account is confirmed. 

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Source: https://www.cryptoknowmics.com/news/snoop-dogg-reveals-his-connection-with-twitter-account-on-nfts/

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Blockchain

TA: Ethereum Breaking This Confluence Resistance Could Spark a Recovery

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Ethereum started a major decline below the $3,200 support zone against the US Dollar. ETH price traded as low as $2,807 and it is now attempting a recovery wave.

  • Ethereum started a fresh decline below the $3,300 and $3,200 support levels.
  • The price is now trading below $3,200 and the 100 hourly simple moving average.
  • There is a key bearish trend line forming with resistance near $3,020 on the hourly chart of ETH/USD (data feed via Kraken).
  • The pair could a steady recovery wave if there is a close above $3,050 in the near term.

Ethereum Price Corrects Losses

Ethereum started a major decline from the $3,500 resistance zone. ETH traded below many important support zones near $3,300 and the 100 hourly simple moving average, similar to bitcoin.

The bears gained strength below the $3,200 support zone. Finally, ether spiked below $3,000 and extended its decline. A low is formed near $2,807 and the price is now correcting losses. There was a break above the $2,920 and $2,950 resistance levels.

The price recovered above the 23.6% Fib retracement level of the recent decline from the $3,455 swing high to $2,807 low. An immediate resistance on the upside is near the $3,020 level. There is also a key bearish trend line forming with resistance near $3,020 on the hourly chart of ETH/USD.

Ethereum Price

Source: ETHUSD on TradingView.com

A close above the $3,020 and $3,050 levels could start a decent recovery. The next major resistance might be near the $3,130 level. It is near the 50% Fib retracement level of the recent decline from the $3,455 swing high to $2,807 low. A clear break and close above the $3,130 level could start a steady increase. The next major resistance sits near $3,300.

More Losses in ETH?

If ethereum fails to correct higher above the $3,020 and $3,050 resistance levels, it could start another decline. An initial support on the downside is near the $2,960 level.

The next major support seems to be forming near the $2,900 level. A downside break below the $2,900 support zone could lead the price towards the $2,800 zone. The next major support is near the $2,750 level, below which ether price might decline towards the $2,640 support zone.

Technical Indicators

Hourly MACDThe MACD for ETH/USD is slowly losing pace in the bearish zone.

Hourly RSIThe RSI for ETH/USD is still well below the 50 level.

Major Support Level – $2,960

Major Resistance Level – $3,050

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Source: https://www.newsbtc.com/analysis/eth/ethereum-confluence-resistance-3050/

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