Polyhedra Network’s US $10 Million Financing Led by Binance Labs and Polychain Capital.

02/21/2023 14:08 • Blockchain Buzz • 140 views

It is reported that the ZK infrastructure start-up Polyhedra Network has completed a financing of US $10 million, led by Binance Labs and Polychain Capital, and participated by Animoca Brands and Dao5.

ZK start-up Polyhedra Network completed a US $10 million financing

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Polyhedra Network, a start-up focused on ZK infrastructure, has recently announced the completion of a financing round worth US $10 million. The funding was led by Binance Labs and Polychain Capital, with participation from Animoca Brands and Dao5. The news has drawn attention to the growing significance of ZK infrastructure, a technology that provides a secure and privacy-preserving solution for blockchain applications.

The financing round indicates that Polyhedra Network has achieved a notable milestone in its development. However, the announcement does not reveal how the company plans to use the funds, nor does it provide details about its business model. Nevertheless, the participation of leading investors in the blockchain industry signals that Polyhedra Network is a promising player in the space.

One of the key advantages of ZK infrastructure is that it allows blockchain transactions to be verified without exposing any information about the parties involved or the amount of assets being transferred. This feature is particularly valuable for applications that require confidentiality, such as corporate finance, supply chain management, and identity verification. Moreover, ZK infrastructure can enhance the scalability and efficiency of blockchain networks by enabling off-chain computations that reduce the burden on the mainchain.

Binance Labs and Polychain Capital are among the most prominent investors in the blockchain industry, with a track record of supporting successful projects. Binance Labs, the venture arm of Binance, the world’s largest cryptocurrency exchange, has invested in numerous blockchain start-ups, including Trust Wallet, Republic Protocol, and Oasis Labs. Polychain Capital, founded by Olaf Carlson-Wee, the first employee of Coinbase, is a hedge fund that specializes in investing in blockchain protocols and dApps.

Animoca Brands and Dao5 are also notable investors in the blockchain space. Animoca Brands, a Hong Kong-based publisher of mobile games, has been making strategic investments in blockchain gaming companies, such as Dapper Labs, the creator of CryptoKitties, and Lucid Sight, the developer of MLB Champions. Dao5 is a decentralized autonomous organization (DAO) that aims to support the growth of blockchain projects by providing capital, expertise, and community resources.

In conclusion, Polyhedra Network’s US $10 million financing is a significant development for the ZK infrastructure ecosystem. The participation of leading blockchain investors in the funding round highlights the potential of the technology to provide scalable, secure, and privacy-preserving solutions for blockchain applications. The future prospects of Polyhedra Network and its business model remain to be seen, but its reputation as a promising player in the space is firmly established.

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Polyhedra Network’s US $10 Million Financing Led by Binance Labs and Polychain Capital.

ZK start-up Polyhedra Network completed a US $10 million financing

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