Binance Labs and Polychain co-lead ZK startup Polyhedra Network’s $10 million raise
Binance Labs and Polychain co-lead ZK startup Polyhedra Network’s $10 million raise
ZK infrastructure startup Polyhedra Network raises $10 million from backers including Binance Labs, Animoca Brands, Polychain and Dao5.
Web3 infrastructure startup Polyhedra Network raised $10 million in a round co-led by Binance Labs and Polychain Capital.
The strategic round also saw participation from Animoca Brands and Dao5, said the company in the release.
Polyhedra has developed several infrastructure offerings using zero-knowledge (ZK) proof technology, including a ZK bridge (zkBridge) solution to send assets between web2 and web3 systems; a ZK decentralized identity solution (zkDID) and a scalability solution, using a large-scale distributed proof generation network called ParaPlonk, to accelerate ZK rollups.
A ZK proof is a cryptographic technique that confirms whether a statement is true or false without revealing that statement’s contents.
The startup plans to integrate with more blockchains and make it more accessible to developers with API and SDK tooling. It also intends to refine its ParaPlonk protocol to attract developers seeking efficient and distributed ZK-rollup solutions, the company said in the release. Source
