OKX Ventures, the investment arm of global crypto exchange and Web3 technology company OKX, has joined the Series A funding round of Polyhedra Network.
The amount has not been undisclosed.
Polyhedra Network builds the next generation of infrastructure for Web3, focusing on interoperability, scalability and privacy, using advanced zero-knowledge (ZK) proof technology.
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Polyhedra Network is the company behind zkBridge protocol, which facilitates trustless cross-chain infrastructure for Layer 1 and Layer 2 interoperability. By utilizing ZK proof technology, zkBridge enables the receiving chain to verify specific state transitions on the sending chain. This approach ensures better security without relying on external assumptions and reduces the costs associated with on-chain verification.
In April 2023, Polyhedra Network launched ‘zkBridge Mainnet Alpha,’ providing interoperability for over 20 Layer 1 and Layer 2 blockchains, including Bitcoin, Ethereum, BNB Chain and Arbitrium. zkBridge, secured by Zero-Knowledge Succinct Non-Interactive Argument of Knowledge (zk-SNARK) technology, is the first trustless, efficient, secure and universal cross-chain interoperability protocol.
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In 2023, Polyhedra Network launched deVirgo, a novel distributed proof system that speeds up proof generation and recursive proofs, reducing the on-chain proof verification costs of zkBridge. In addition, it recently introduced its Bitcoin messaging protocol with zkBridge, bringing trustless interoperability to the Bitcoin ecosystem through ZK proof technology.
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