Polyhedra Network raises $20M with its zkBridge protocol

Polyhedra Networka start-up offering a cross-chain protocol based on zkSNARKssees his valuation fly to 1 billion dollars after a new fund raising.

On Thursday, Polyhedra Network announced that it had closed a $20 million funding round led by crypto VC Polychain Capital.

The deal values the blockchain infrastructure builder at $1 billion, according to a press release. Other investors in the round include Animoca Brands, Emirates Consortium, Mapleblock Capital, Hashkey and Longhash Ventures.

Founded in 2022, Polyhedra Network develops blockchain solutions powered by ZK proofs. Its main product, zkBridge, is based on zkSNARKs and has today secured over 20 million transactions between nearly 30 different blockchains, including millions of messages sent via LayerZero.

We continue to push the boundaries in terms of what is possible, for example by proving the completeness of the Ethereum consensus in less than 8 seconds. With our ZK technology, developers no longer have to choose between performance and ease of use,” proclaimed Eric Vreeland, Chief Strategy Officer at Polyhedra Network.

The new capital will be used by Polyhedra to expand its teams and accelerate its international expansion. Last year, the company had already raised $25 million.

“We’re delighted to support Polyhedra in its new cycle as they continue to shape the crypto landscape,” commented Luke Pearson, Partner at Polychain.

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