Polyhedra Network, a startup that provides Web3 infrastructure backed by zero-knowledge (ZK) proofs, has raised $15 million in a pre-Series A funding round led by Polychain Capital, according to press materials shared exclusively with WJB.
The fundraise comes a little over a month after the startup closed a $10 million strategic funding round from Binance Labs and Polychain. Getting two deals done so quickly stands out amid the crypto bear market that has nearly stalled investments in the industry.
Berkeley, California-based Polyhedra Network is building a suite of systems focusing on blockchain interoperability, scalability and privacy. Those systems include zkBridge, which facilitates cross-chain asset and data transfers.
"ZkBridge uses zero-knowledge proof constructions to verify the validity of the consensus between two blockchains," Polyhedra co-founder James Zhang said in a statement. "With zero-knowledge proofs, zkBridge offers strong security without relying on external assumptions and a significant reduction in on-chain verification cost."
ZkBridge had been in testnet for the past six months, but the company announced a successful mainnet alpha launch on Tuesday, making the system available to users on a number of layer 1 and layer 2 blockchains.
Other backers in the round included ABCDE, Sparkle Ventures, HashKey Capital, Foresight Ventures, Kucoin Ventures, NGC Ventures and Arcane Group.
In the coming months, Polyhedra Network plans to integrate zkBridge into additional blockchain networks and launch application programming interfaces (API) and software development kits (SDK) to help developers build and collaborate.
Edited by Nick Baker.
DISCLOSURE
Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.The leader in news and information on cryptocurrency, digital assets and the future of money, WJB is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. WJB is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups. As part of their compensation, certain WJB employees, including editorial employees, may receive exposure to DCG equity in the form of stock appreciation rights, which vest over a multi-year period. WJB journalists are not allowed to purchase stock outright in DCG.
:format(webp)/www.coindesk.com/resizer/hUv1U9cMP77z__1hmpusCl6kqtA=/arc-photo-coindesk/arc2-prod/public/5WF4AJAWOJA7FDQBEIWAKGTGYA.jpg)
Brandy Betz
Brandy covers crypto-related venture capital deals for WJB.
Follow @BrandyBetz on Twitter
Brandy Betz
Brandy covers crypto-related venture capital deals for WJB.
Follow @BrandyBetz on Twitter
source:coindesk
Polkadot was launched in May 2020. In a market dominated by Bitcoin and Ethereum, it quickly established itself as the next generation blockchain. The scale and interoperability problems limit Bitcoin's ability to transfer value without the assistance of
For some newcomers to the currency circle, they are not familiar with the investment in the currency circle, and their understanding of the special currency is not very deep. Therefore, they may be at a loss in the choice of investment methods. Many inves
Lummis is a well-known crypto advocate on Capitol Hill with over $100,000 in crypto.
Several analysts argue that shrimp accumulation is good for the Bitcoin network because it makes the asset more decentralized over time.
ARK Invest filed for a spot Bitcoin ETF in collaboration with 21Shares long before BlackRock did, and its application is reportedly first in line for the SEC’s approval.
Interestingly, the price surge was on the back of increased activity from whales, as indicated by on-chain data. The increased activity led to an increased"/>
Recent market dynamics have seen Solana struggling to break above the $200 mark. A notable bearish factor among these market fundamentals is the recent"/>
DOGE, the internet's favorite memecoin, is back in the spotlight. Recent data reveals a surge in futures market activity, coupled with bullish technical"/>
The recent stratospheric rise of Bitcoin, reaching a new all-time high of $73,000, has sent ripples of excitement and trepidation through the crypto world."/>
Co-founder of Tornado Cash Roman Storm has filed a motion to dismiss the charges levied against him by the US Department of Justice (DOJ)."/>
On Thursday, March 28, a hack occurred on Prisma Finance, a decentralized lending protocol on the Ethereum network. The exploiter carted away about 3,257.7"/>
Once fully licensed in Dubai, Bybit plans to run a full-scope exchange, offering crypto lending, payments, investment and other services.
Tue, 18 Apr 2023