Citrea Secures $2.7M Seed Funding to Enhance Bitcoin’s Capabilities
Citrea, the first rollup utilizing zero-knowledge technology to enhance Bitcoin blockspace, has announced $2.7 million in seed funding. Led by Galaxy, the investment round includes participation from Delphi Ventures, Eric Wall (Co-Founder of Taproot Wizards), Anurag Arjun (Co-Founder of Avail), BatuX (formerly of Binance), Igor Barinov (Founder of Blockscout), and James Parillo (Managing Partner of Figment Capital), among others.
The funding represents a strong endorsement of Citrea’s mission to build a programmable liquidity layer on top of Bitcoin, the most secure and decentralized blockchain. Citrea’s unique construction enables developers to leverage Bitcoin’s capabilities for various applications. The platform offers the following features:
- Bitcoin as the foundation for applications
- Two-way peg for trust-minimized Bitcoin settlement
- Execution environment equivalent to Ethereum Virtual Machine (EVM)
“This unique approach enables us to build an infrastructure to support a wide range of applications with full Bitcoin security,” said Orkun Mahir Kilic, CEO of Chainway Labs, the company behind Citrea.
The Evolution of Citrea
The journey of Citrea began in 2023 as Chainway Labs conducted zero-knowledge experiments on Bitcoin. Over time, the platform’s vision expanded to position Bitcoin as the foundation for the global finance system.
“The development of the Citrea ZK Rollup by Chainway is an exciting next stage in extending the functionality of Bitcoin as a platform,” commented Will Nuelle, General Partner of Galaxy’s Venture arm.
About Citrea
Citrea enhances the capabilities of Bitcoin blockspace by integrating zero-knowledge technology, allowing developers to build on Bitcoin. For more information, visit the Citrea Docs page or reach out to Citrea via email at [email protected].
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