Polyhedra Network Closes $20M Round at $1B Valuation

This is the Web 3 infrastructure provider’s fifth round of financing in the last two years.

AccessTimeIconMar 14, 2024 at 12:00 p.m. UTC
10 Years of Decentralizing the Future
May 29-31, 2024 - Austin, TexasThe biggest and most established global event for everything crypto, blockchain and Web3.Register Now
  • 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.
  • Key Events You Shouldn't Miss at Consensus 2024
    Key Events You Shouldn't Miss at Consensus 2024
  • What to Expect From Consensus 2024
    What to Expect From Consensus 2024
  • Will Solana and Altcoins Dominate the Market Next?
    Will Solana and Altcoins Dominate the Market Next?
  • What's Next for FIT21?
    What's Next for FIT21?
  • 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.

    Edited by Parikshit Mishra.


    Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.

    CoinDesk is an award-winning media outlet that covers the cryptocurrency industry. Its journalists abide by a strict set of editorial policies. In November 2023, CoinDesk was acquired by the Bullish group, owner of Bullish, a regulated, digital assets exchange. The Bullish group is majority-owned by Block.one; both companies have interests in a variety of blockchain and digital asset businesses and significant holdings of digital assets, including bitcoin. CoinDesk operates as an independent subsidiary with an editorial committee to protect journalistic independence. CoinDesk employees, including journalists, may receive options in the Bullish group as part of their compensation.

    Author placeholder image

    Will Canny is CoinDesk's finance reporter.

    Learn more about Consensus 2024, CoinDesk's longest-running and most influential event that brings together all sides of crypto, blockchain and Web3. Head to consensus.coindesk.com to register and buy your pass now.