An altcoin project focused on Web3 solutions has secured $10 million from giants like Binance Labs and Polychain Capital.
This Web3-focused altcoin raised $10 million led by Binance Labs
Web3 infrastructure startup Polyhedra Network has raised $10 million under the joint leadership of Binance Labs and Polychain Capital. The company said in the statement that Animoca Brands and Dao5 also participated in the strategic round.
Polyhedra, a ZK bridge (zkBridge) solution for sending assets between Web2 and Web3 systems; To accelerate ZK roll-ups, it offers a ZK decentralized identity solution (zkDID) and a scalability solution that uses a large-scale distributed evidence generation network called ParaPlonk. ZK proof is a cryptographic technique that confirms whether a statement is true or false without revealing the content of a statement.
With a team of top engineers, developers, and researchers from UC Berkeley, Tsinghua University, and Stanford University, Polyhedra Network is building a complete suite of ZKP-based Web3 solutions focused on interoperability, scalability, and privacy. The blockchain project transparently shared which areas it will allocate its investment to.
Polyhedra Network allocates Binance investment to these areas
The project team said it will invest in ecosystem growth initiatives, hire additional engineering talent, and conduct state-of-the-art ZKP protocol research. According to the text of the official announcement:
Polyhedra pushes the boundaries on some of the most innovative ZK infrastructure in Web3. Well-designed architecture facilitates cross-chain operations that will connect Blockchain ecosystems to create the next generation of financial technology.
Meanwhile, the funding will be used to develop Web3 infrastructure backed by zero-knowledge (zk) proofs, a cryptographic method where one party can prove a statement to be true for another party without providing any other information.
The company said the funds from the raise will be used for research and development alongside engineering capabilities.
Roadmap of Polyhedra Network
In its short-term roadmap, the project team plans to integrate its bridge and decentralized identity infrastructure with additional Blockchain networks and launch application programming interfaces (APIs) and software development kits (SDKs) for developers. The company will also continue to develop the paraPlonk solution.
Additionally, research analyst John Dantoni wrote in The Block Research’s January funding report that ZK startups accounted for roughly 20% of all startup deals for Polyhedra Network’s infrastructure projects in the last 6 months.
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