- Polyhedra Network’s successful fundraising efforts, securing $20 million in a recent funding round led by Polychain Capital.
- The participation of prominent investors such as Animoca Brands, Emirates Consortium, and Hashkey Capital underscores the growing confidence in Web3 infrastructure projects, particularly those focused on zero-knowledge proof (ZK) protocols like zkBridge.
In the past two years, the Web 3 infrastructure company has raised money five times.
According to a press release issued by the company on Thursday, Polyhedra Network, the Web 3 infrastructure provider behind the zero-knowledge protocol zkBridge, has closed a $20 million round, valuing the business at $1 billion.
With participation from Animoca Brands, Emirates Consortium, Mapleblock Capital, Hashkey Capital, UoB Ventures, Symbolic Capital, Longhash Ventures, MH Ventures, Arkstream Capital, and Web3Port Foundation, the Singapore-based startup announced that Polychain Capital led the round.
Zero-knowledge proofs, the cornerstone of Polyhedra Network’s solutions, provide consumers with greater security and scalability. Protocols known as “zero-knowledge proofs” assist in demonstrating the veracity of statements on blockchains without providing any personally identifiable information.
Ensuring over 20 million cross-chain transactions between more than 25 blockchains, the zkBridge protocol promotes network interoperability. It verifies the consensus and status of the sender chain using unchangeable zero-knowledge proofs, which may subsequently be confirmed at the destination.
According to Eric Vreeland, chief strategy officer of Polyhedra Network, “Blockchain technology is revolutionary because it allows individuals and institutions to transact without a trusted intermediary.” He went on, “The key to realizing blockchain’s full potential is zero-knowledge technology.”
The money donated will go toward supporting the business’s objectives for international expansion and hiring more staff members. According to the company, this is Polyhedra’s fifth financing round in the previous two years.
Polyhedra Network: Empowering Web3 with Cutting-Edge Zero-Knowledge Proof Systems
Polyhedra Network is revolutionizing Web3 by introducing cutting-edge zero-knowledge proof (ZK) systems that empower interoperability and computation. At the forefront is the zkBridge Protocol, leveraging zkSNARKs to facilitate efficient state transitions between sender and receiver chains. Additionally, Polyhedra Research introduces a suite of powerful ZK argument schemes, including Virgo, Virgo++, Orion, Libra, Gemini, Marlin, and Pianist.
These systems offer various advantages, from fast proof generation and verification to hardware-friendly configurations and distributed computing capabilities. Through interoperability, scalability, and modularity, Polyhedra Network aims to transform the landscape of decentralized systems, ensuring strong security and efficiency across diverse Web3 applications.
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.
