Web 3 Infrastructure Provider Polyhedra Network Raises $20M Round Led by Polychain Capital

Polyhedra Network uses zero-knowledge proofs as the foundation of its products, giving users increased security and scalability. Zero-knowledge proofs are protocols that help prove the validity of statements on blockchains without offering any identifiable information.

The zkBridge protocol facilitates interoperability between networks and has secured over 20 million cross-chain transactions between more than 25 blockchains. It uses unforgeable zero-knowledge proofs to validate the state and consensus of the sender chain, which can then be verified on the destination.

“Blockchain technology is revolutionary because it allows for individuals and institutions to transact without a trusted intermediary,” said Eric Vreeland, chief strategy officer of Polyhedra Network, in the release. “Zero-knowledge technology is the key to unlocking blockchain’s full potential,” he added.

The funds raised will be used to further the company’s global expansion plans and to hire new employees. This is Polyhedra’s fifth round of financing in the last two years, the firm said.

Source link

See also  BlackRock Bitcoin ETF (IBIT) Breaks Massive Volume Record Amid Wild BTC Price Action