Modular blockchain Inco raises $4M from Polygon and 1kx

Incoa start-up developing a modular blockchain network in order to bring more privacy at DApps on Ethereumhas just completed a round of financing from 4.5 million dollars.

This Wednesday, blockchain developer Inco announced that it had raised $4.5 million in a funding round led by crypto VC 1kx.

Inco is working on a modular network based on Fully Homomorphic Encryption (FHE) and powered by ZK, TEE and MPC technologies.

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Focusing on confidential computing, its EVM blockchain (fhEVM) eliminates the complexity of FHE and enables Solidity developers to create decentralized applications with greater confidentiality.

“Inco is building the universal privacy layer for Web3, enabling the development of next-generation DApps, ensuring the privacy of existing blockchains and removing the last barrier to large-scale Web3 adoption. […] In the same way that Celestia provides data availability to Ethereum, Inco enhances privacy on Ethereum,” says the project on its blog.

Meanwhile, Inco has just launched its Gentry testnet, offering blockchain developers the opportunity to test its solutions.

Smart contracts have been limited by their lack of access to programmable privacy. This is changing with the latest FHE and blockchain innovations that Inco is bringing to market, we are delighted to be partnering with Inco,” commented Wei Dai, Partner at 1kx.

Inco’s fundraising has also attracted several major investors in the crypto space, including Circle Ventures, GSR, Polygon Ventures, Fenbushi and Matter Labs.

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