coindesk.com
The round was led by Polychain Capital with participation from Animoca Brands.
The money raised will be used for global expansion and to hire new employees.
This is the company’s fifth round of financing in the last two years.
Polyhedra Network, the Web 3 infrastructure provider behind the zero-knowledge protocol zkBridge, has closed a $20 million round valuing the company at $1 billion, the firm said in a press release Thursday.
The Singapore-based company said the round was led by Polychain Capital, along with participation from Animoca Brands, Emirates Consortium, Mapleblock Capital, Hashkey Capital, UoB Ventures, Symbolic Capital, Longhash Ventures, MH Ventures, Arkstream Capital and Web3Port Foundation.
Polyhedra Network uses zero-knowledge proofs as the foundation of its products, giving users increased security and scalability. Zero-knowledge proofs are protocols that help prove the validity of statements on blockchains without offering any identifiable information.
The zkBridge protocol facilitates interoperability between networks and has secured over 20 million cross-chain transactions between more than 25 blockchains. It uses unforgeable zero-knowledge proofs to validate the state and consensus of the sender chain, which can then be verified on the destination.
“Blockchain technology is revolutionary because it allows for individuals and institutions to transact without a trusted intermediary,” said Eric Vreeland, chief strategy officer of Polyhedra Network, in the release. “Zero-knowledge technology is the key to unlocking blockchain’s full potential,” he added.
The funds raised will be used to further the company’s global expansion plans and to hire new employees. This is Polyhedra’s fifth round of financing in the last two years, the firm said.