- The company maybe valued between $30 and $50 million.
- According to a news statement from the team, Polygon Labs has now spent over $1 billion on acquisitions and zero-knowledge research as a result of the acquisition.
The primary developer of the Polygon blockchain, Polygon Labs, revealed on Tuesday that it has purchased Toposware, a blockchain research company that contributed to the creation of Polygon’s Type-1 prover, a vital part of the company’s zero-knowledge (ZK) product line.
Over the past several years, Polygon has fully committed to zero-knowledge encryption, placing a wager that the technology will be essential to the long-term growth of Ethereum’s blockchain ecosystem.
In order to staff its internal zero-knowledge initiatives, Polygon Labs has a history of purchasing outside zero-knowledge shops.
With the acquisition of Toposware, Polygon now has a third significant zero-knowledge team. The founders of Hermez and Mir, whose businesses the company previously bought, Jordi Baylina and Brendan Farmer, are currently in charge of Polygon Labs’ internal ZK teams.
Polygon Labs had spent $250 million on Hermez and $400 million on Mir. Toposware was estimated by sources close to the transaction to be worth between $30 million and $50 million.
According to a news release from Polygon Labs, the acquisition raises the company’s total investments in ZK teams and technology to above $1 billion.
In line with Polygon Labs’ announcement, the Toposware team will work in tandem with the company’s current ZK teams to jointly build Polygon’s layer-2 zkEVM, AggLayer, and Chain Development Kit.
The CEO of Polygon Labs, Marc Boiron, telegraphed to CoinDesk, “Toposware joining Polygon Labs signals our continued commitment to building the world’s best ZK research and development team.”
Our overarching strategy revolves around ZK technology, which powers initiatives like constructing the industry’s first aggregated blockchain network with the AggLayer, enabling developers to introduce new L2 chains on Ethereum with the CDK, enabling DeFi projects to expand and improve security with Polygon zkEVM, and strengthening Polygon PoS’s security as it gets ZK enabled.
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.
