Polyhedra Network Reaches $1 Billion Valuation Following $20 Million Funding Round
Polyhedra Network, the developer of the zero-knowledge interoperability protocol zkBridge, has achieved a valuation of $1 billion after completing a new strategic funding round worth $20 million. Polychain Capital led the round, with participation from Animoca Brands, Hashkey Capital, Longhash Ventures, Emirates Consortium, Mapleblock Capital, and others. This latest funding round brings Polyhedraโs total funding to date to $75 million.
With this fresh injection of funds, Polyhedra plans to expand its team from 50 to around 80 employees by hiring across various functions such as product development, engineering, business development, and marketing.
What is Polyhedra Network?
Polyhedra Network is a web3 infrastructure company that has developed zkBridge, a zero-knowledge blockchain interoperability protocol. This protocol enables cross-chain transactions. According to Eric Vreeland, Chief Strategy Officer of Polyhedra, their zero-knowledge proofs are significantly faster than existing proofs in terms of both generation and verification.
Since its launch last year, zkBridge has facilitated more than 20 million cross-chain transactions and generated over 40 million zero-knowledge proofs. However, there is no data available on the total value locked in zkBridge since it does not hold custody of assets.
When comparing zkBridge with Wormhole, another blockchain interoperability protocol valued at $2.5 billion, itโs worth noting that Wormhole has yet to implement zero-knowledge proofs into its protocol. Earlier this year, Wormhole announced plans to incorporate zero-knowledge proofs and partnered with chipmaker AMD for assistance.
Polyhedraโs Other Tools
In addition to zkBridge, Polyhedra has developed other tools and technologies:
- zkLightClient: This technology is integrated with the LayerZero protocol and allows application developers to use zero-knowledge proofs to secure their cross-chain messages sent via the protocol.
- Bitcoin Messaging Protocol: Polyhedra recently announced this protocol, which aims to improve the interoperability of the Bitcoin network with other Layer 1 and Layer 2 networks.
- Proof-of-Reserve System: Using zero-knowledge technology, this system allows users to verify their cryptocurrency holdings on centralized exchanges.
Polyhedra believes that as blockchain usage continues to grow, secure and highly scalable computation across multiple networks will be essential. Zero-knowledge technology plays a crucial role in unlocking the full potential of blockchain without introducing additional trust assumptions.
Hot Take: Unlocking Blockchainโs Full Potential with Zero-Knowledge Technology
Polyhedra Network has achieved a significant milestone with a $1 billion valuation following its latest funding round. With its zero-knowledge interoperability protocol zkBridge, Polyhedra is paving the way for secure cross-chain transactions and faster zero-knowledge proofs. By expanding its team and developing various tools, Polyhedra aims to unlock blockchainโs full potential without compromising on trust.
Theon Barrett shines as a distinguished crypto analyst, accomplished researcher, and skilled editor, making significant strides in the field of cryptocurrency. With an astute analytical approach, Theon brings clarity to intricate crypto landscapes, offering insights that resonate with a broad audience. His research prowess goes hand in hand with his editorial finesse, allowing him to distill complex information into accessible formats.