Zero Knowledge protocol Polyhedra Network valued at $1 billion despite recent token theft Zero Knowledge protocol Polyhedra Network valued at $1 billion despite recent token theft
Polyhedra has eyes on bridging the Bitcoin and Ethereum ecosystems.
1 min read
Updated: Mar. 14, 2024 at 4:28 pm UTC
Cover art/illustration via CryptoSlate. Image includes combined content which may include AI-generated content.
Polyhedra Network, the zero-knowledge protocol zkBridge developer, became the latest crypto company to reach unicorn status after it raised $20 million in a funding round that valued it at $1 billion, according to a Mar. 14 statement shared with CryptoSlate.
This development occurred less than a day after the project experienced a breach that allowed a malicious player to access its wallet on BNB Chain, resulting in the loss of approximately $760,000 worth of THENA tokens, according to blockchain security firm Peckshield.
Polychain leads funding round.
The funding round was spearheaded by Polychain Capital, with contributions from Animoca Brands, Emirates Consortium, Mapleblock Capital, and Hashkey Capital. Other notable backers include UoB Ventures, Symbolic Capital, Longhash Ventures, MH Ventures, Arkstream Capital, and Web3Port Foundation.
Polyhedra intends to utilize its recent funding injection to expand its workforce and solidify its position as a leading advocate for global interoperability through zero-knowledge methodologies.
Polyhedra’s zkBridge has emerged as a prominent zero-knowledge blockchain interoperability solution in the past year, facilitating over 20 million cross-chain transactions across 25 blockchains.
Connecting Bitcoin and Ethereum
Meanwhile, the Singapore-based firm Polyhedra Network also revealed its ambitious plan to establish an interoperability protocol bridging the Bitcoin and Ethereum ecosystems. This endeavor is deemed challenging due to Bitcoin’s lack of smart contract capabilities.
However, the project remains unfazed, with Eric Vreeland, the Chief Strategy Officer at Polyhedra Network, saying Zero-knowledge technology will be pivotal in unleashing the full potential of blockchain. He added:
“Blockchain technology is revolutionary because it allows for individuals and institutions to transact without a trusted intermediary. As blockchain usage continues to grow, technology that enables secure and highly scalable computation across multiple networks will be a necessity. Unlocking this without introducing additional trust assumptions is critical if we are to stay true to the values this industry was founded on.”
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Oluwapelumi Adejumo
Oluwapelumi values Bitcoin's potential. He imparts insights on a range of topics like DeFi, hacks, mining and culture, underlining transformative power.
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