The funds raised in the round will be used for the global expansion of the business

Web 3.0 startup Polyhedra Network’s valuation hits $1 billion in new funding round

14.03.2024 - 14:45

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2 min

What’s new? Singapore-based Web 3.0 infrastructure provider Polyhedra Network, which developed the zkBridge protocol, has closed a $20 million funding round at a valuation of $1 billion. The round was led by Polychain Capital, with Animoca Brands, Emirates Consortium, Mapleblock Capital, Hashkey Capital, UoB Ventures, Symbolic Capital, Longhash Ventures, MH Ventures, Arkstream Capital, and Web3Port Foundation also participating.

Press release

What else is known? The raised funds will be used for the company’s global expansion and hiring of new employees. This is Polyhedra’s fifth round of funding in the last two years.

Polyhedra Network uses zero-knowledge proof (ZKP) technology as the foundation for 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 decentralized identification protocol zkDID and the ZK rollup scaling solution ParaPlonk.

The zero-knowledge proof cryptographic protocol provides an opportunity to hide data about the source, amount, and recipient of the payment At the same time, it allows proving that the payment has passed and the recipient’s account has the correct number of tokens.

As Eric Vreeland, Chief Strategy Officer of Polyhedra Network noted in a press release, blockchain technology is revolutionary because it allows individuals and institutions to make transactions without a trusted intermediary. “Zero-knowledge technology is the key to unlocking blockchain’s full potential,” concluded the senior executive.

In addition, OKX Crypto Exchange’s Jumpstart Lunchpad from March 15 to 19 will host the Polyhedra Network (ZK) native token farming program on the Jumpstart Lunchpad. Exchange users with passed verification (KYC) will be able to block up to 0,3 BTC and 3,5 ETH to participate in the distribution of 3 million ZK tokens. After that, the launch and airdrop of the asset will take place and OKX will list the asset.

ZK is an ERC20 token with a maximum offering of 1 billion coins, of which 32% will be allocated to ecosystem and network development, 28% to investors, 15% to the community, as well as airdrop and marketing, with another 15% going to the fund’s reserves and 10% to the core participants.

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