The valuation of the Web 3.0 startup Polyhedra Network has reached $ 1 billion following the results of a new round of financing
The funds raised during the round will be used for global business expansion
Singapore-based Web 3.0 infrastructure provider Polyhedra Network, which developed the zkBridge protocol, has completed a $20 million funding round at a valuation of $1 billion. The round was led by Polychain Capital, and was also attended by Animoca Brands, Emirates Consortium, Mapleblock Capital, Hashkey Capital, UoB Ventures, Symbolic Capital, Longhash Ventures, MH Ventures, Arkstream Capital and Web3Port Foundation.
The funds raised will be used for the company's global expansion and recruitment of new employees. This is the fifth round of Polyhedra funding in the last two years.
Polyhedra Network uses zero-knowledge proof technology (ZKP) as the backbone of its products, providing users with enhanced security and scalability. These include zkBridge for transferring assets between Web 2.0 and Web 3.0 networks, which has already conducted over 20 million transactions between 25 blockchains, as well as the zkDID decentralized identification protocol and the ParaPlonk ZK roll-up scaling solution.
The zero-disclosure cryptographic proof protocol provides an opportunity to hide data about the source, amount and recipient of the payment, while it allows you to prove that the payment has passed and the correct number of tokens is on the recipient's account.
As Eric Vreeland, director of strategy at Polyhedra Network, noted in a press release, blockchain technology is revolutionary because it allows individuals and institutions to make transactions without a trusted intermediary. "ZKP technology is the key to unlocking the full potential of the blockchain," concluded the top manager.
