Polyhedra Community, the zero-knowledge protocol zkBridge developer, grew to become the newest crypto firm to achieve unicorn standing after it raised $20 million in a funding spherical that valued it at $1 billion, in keeping with a Mar. 14 assertion shared with CryptoSlate.
This improvement occurred lower than a day after the mission skilled a breach that allowed a malicious participant to entry its pockets on BNB Chain, ensuing within the lack of roughly $760,000 price of THENA tokens, according to blockchain safety agency Peckshield.
Polychain leads funding spherical.
The funding spherical was spearheaded by Polychain Capital, with contributions from Animoca Brands, Emirates Consortium, Mapleblock Capital, and Hashkey Capital. Different notable backers embody UoB Ventures, Symbolic Capital, Longhash Ventures, MH Ventures, Arkstream Capital, and Web3Port Basis.
Polyhedra intends to make the most of its current funding injection to broaden its workforce and solidify its place as a number one advocate for international interoperability by zero-knowledge methodologies.
Polyhedra’s zkBridge has emerged as a outstanding zero-knowledge blockchain interoperability answer up to now yr, facilitating over 20 million cross-chain transactions throughout 25 blockchains.
Connecting Bitcoin and Ethereum
In the meantime, the Singapore-based agency Polyhedra Community additionally revealed its bold plan to determine an interoperability protocol bridging the Bitcoin and Ethereum ecosystems. This endeavor is deemed difficult on account of Bitcoin’s lack of good contract capabilities.
Nevertheless, the mission stays unfazed, with Eric Vreeland, the Chief Technique Officer at Polyhedra Community, saying Zero-knowledge know-how might be pivotal in unleashing the total potential of blockchain. He added:
“Blockchain know-how is revolutionary as a result of it permits for people and establishments to transact with no trusted middleman. As blockchain utilization continues to develop, know-how that permits safe and extremely scalable computation throughout a number of networks might be a necessity. Unlocking this with out introducing further belief assumptions is essential if we’re to remain true to the values this business was based on.”
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