Business News Report
March 14, 2024

Polyhedra Network Raises $20M Funding to Propel zkBridge Development

In Brief

Polyhedra Network raised $20 million to expand its team hiring new talent in product development, engineering, business development, and marketing.

Polyhedra Network Raises $20M Funding to Propel zkBridge Development and Expand Its Team

Web3 infrastructure company developing zero-knowledge interoperability protocol, zkBridge, Polyhedra Network, raised $20 million in a strategic financing round led by Polychain Capital, Animoca Brands, Hashkey Capital, Longhash Ventures, Emirates Consortium, and Mapleblock Capital, among other investors. With this funding, Polyhedra Network has achieved a valuation of $1 billion. The company intends to utilize the newly acquired funds to expand its existing team of 50 employees to around 80, hiring across functions, including product development, engineering, business development, and marketing.

The latest funding round follows a recent $10 million investment led by Binance Labs and Polychain Capital, which concluded last year. These funds were earmarked for recruiting engineering talent and strengthening research and development efforts. Along with the preceding four funding rounds, this round was executed using a simple agreement for future tokens (SAFT), contributing to Polyhedra Network’s total funding of $75 million.

“As blockchain usage continues to grow, technology that enables secure and highly scalable computation across multiple networks will be a necessity. Unlocking this without introducing additional trust assumptions is critical if we are to stay true to the values this industry was founded on. Zero-knowledge technology is the key to unlocking blockchain’s full potential,” said Eric Vreeland, chief strategy officer of Polyhedra Network.

Polyhedra Network Innovates Blockchain Interoperability

Founded in 2022, Polyhedra Network is developing zkBridge, a zero-knowledge blockchain interoperability protocol facilitating cross-chain transactions. Since its launch last year, zkBridge has facilitated over 20 million cross-chain transactions and generated over 40 million zero-knowledge proofs. In addition to zkBridge, Polyhedra Network has developed zkLightClient technology, which is integrated with the LayerZero protocol. It enables application developers to utilize zero-knowledge proofs to secure cross-chain messages transmitted via the protocol.

Recently, the company revealed a Bitcoin messaging protocol aimed at improving the interoperability of the Bitcoin network with other Layer 1 and Layer 2 networks. Furthermore, it has developed a proof-of-reserve system leveraging zero-knowledge technology that enables users to verify their cryptocurrency holdings on centralized exchanges (CEXs).

After concluding a snapshot for its upcoming airdrop earlier this week, Polyhedra Network announced that its ZK token is scheduled to be listed on the platform for token launches and fundraising, OKX Jumpstart. Users can begin staking Bitcoin and Ethereum to acquire ZK tokens starting at 6:00 am UTC on March 15th.

Polyhedra Network’s recent funding, combined with its innovative technologies, highlights its commitment to advancing blockchain interoperability, making significant strides in the Web3 landscape.

Disclaimer

In line with the Trust Project guidelines, please note that the information provided on this page is not intended to be and should not be interpreted as legal, tax, investment, financial, or any other form of advice. It is important to only invest what you can afford to lose and to seek independent financial advice if you have any doubts. For further information, we suggest referring to the terms and conditions as well as the help and support pages provided by the issuer or advertiser. MetaversePost is committed to accurate, unbiased reporting, but market conditions are subject to change without notice.

About The Author

Alisa, a dedicated journalist at the MPost, specializes in cryptocurrency, zero-knowledge proofs, investments, and the expansive realm of Web3. With a keen eye for emerging trends and technologies, she delivers comprehensive coverage to inform and engage readers in the ever-evolving landscape of digital finance.

More articles
Alisa Davidson
Alisa Davidson

Alisa, a dedicated journalist at the MPost, specializes in cryptocurrency, zero-knowledge proofs, investments, and the expansive realm of Web3. With a keen eye for emerging trends and technologies, she delivers comprehensive coverage to inform and engage readers in the ever-evolving landscape of digital finance.

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