Chainway Labs has raised $2.7 million to develop the first Bitcoin-based ZK-Rollup
Chainway Labs has reported the completion of the $2.7 million seed round. It was headed by Galaxy Ventures.
Chainway Labs studio has announced that it has completed a $2.7 million seed round led by Galaxy Ventures. The funds will be used to develop the Citrea project.
1/6 We are thrilled to announce our $2.7M seed round led by @galaxyhq with participation from notable investors including @Delphi_Ventures (@Delphi_Digital), @ercwl, @anuragarjun, @barinov, @VelvetMilkman, and others to build Bitcoin's first ZK rollup. pic.twitter.com/HZ8G5iYscq
— Citrea (@citrea_xyz) February 21, 2024
Delphi Ventures and business angels, including Eric Wall, co-founder of the Taproot Wizards NFT project, also participated in the round.
Note that the studio positions Citrea as the first bitcoin-based ZK-Rollup. This is a category of L2 solutions in the Ethereum network aimed at combining off-chain transactions, which allows you to speed up their processing.
Chainway Labs noted that the task of their product is to accelerate the adaptation of the bitcoin network to DeFi and NFT. The project was presented to the general public in early February 2024.
The developers plan to launch the Citrea testnet, approximately, in the second quarter of 2024.
