Binance Labs and blockchain-focused investment company Polychain Capital jointly led a strategic funding round to raise $10 million for cryptocurrency infrastructure provider Polyhedra Network. With the help of zero-knowledge (zk) proofs, a cryptographic technique that enables one party to convince another party that a claim is genuine without divulging any more information, the funding will be utilized to create Web3 infrastructure.
Polyhedra Network Raises $10M
Animoca Brands and dao5 also provided support to Polyhedra Network. The new funding will support zk-proof protocol development, hiring engineers, and ecosystem growth initiatives. Although infrastructure projects continue to be relatively strong, the funding comes as the crypto winter continues to dampen the venture capital scene.
The startup is developing a complete suite of solutions with a focus on privacy, scalability, and interoperability with blockchain technology. Protocols and offerings include the zkBridge, which enables cross-chain asset and data transfers, the paraPlonk scalability solution, which speeds up zk-rollups and groups transactions for faster processing and reduced costs, and the decentralized identification solution.
The Future of Polyhedra Network
In the near future, it intends to publish application programming interfaces (API) and software development kits (SDK) for developers, as well as integrate its bridge and decentralized identity infrastructure with additional blockchain networks. Also, the business will keep improving its paraPlonk product.
