- Framework Ventures led the $2.6 million in investment for the ZK project Hylé.
- With this new round of fundraising, Hylé has raised a total of $3.4 million, bringing its total cash on hand to approximately $5 million.
The venture capital firm Framework Ventures led the $2.6 million fresh financing round for the zero-knowledge initiative Hylé.
Participating in the financing were Cherry Crypto, Fabric Ventures, First Capital, and Heartcore Capital. Hylé’s co-founder Sylve Chevet told The Block that the company has raised $3.4 million in total finance to date, with an additional $1.5 million coming from their NFT initiative, briqNFT. The board of directors of Hylé won’t alter.
Hylé constructs the Hylé network, which enables zero-knowledge proofs (ZKP) to be verified for privacy and scalability. Hylé aims to be the central component of the modular ZK tech stack.
With its own consensus method and design specifically for ZKP verification, the Hyle network gives users and developers options based on what works best for their particular systems.
With the money, the company hopes to expedite the launch of its mainnet and hire backend specialists and protocol developers to develop more proving schemes, like Polygon zkEVM, Cairo, and Noir.
A proving scheme is a method of verifying an object without disclosing its private information by using encryption.
Hyle will additionally produce tools for programmers who wish to incorporate zero-knowledge technologies into their apps.
According to Chevet, the goal is to package all the incredible ZK technology that is now available but isn’t arranged logically in order to assist developers in using ZK and abstracting away the complexity. Consider it similar to creating react and react components for a front-end ZK application.
Zero-knowledge technology, according to Chevet, is a totally new invention that goes beyond standard blockchain configurations. The possibilities are far beyond what we have explored.
Disclaimer : This article was created for informational purposes only and should not be taken as investment advice. An asset’s past performance does not predict its future returns. Before making an investment, please conduct your own research, as digital assets like cryptocurrencies are highly risky and volatile financial instruments.
