Zero-Knowledge Privacy Startup Webb Protocol Raises $7M
Polychain Capital and Lemniscap co-led the seed round for the bridge protocol.
Webb Protocol, creator of zero-knowledge infrastructure that allows for private cross-blockchain asset transfers, has raised $7 million in a seed funding round co-led by Polychain Capital and Lemniscap. The new capital will help grow the team and accelerate the development of new privacy-focused tools. The funding comes as investments in zero-knowledge based infrastructure continues to prove resilient amid the bear market.
Webb offers a cross-chain bridge protocol that seeks to provide a new privacy standard for cross-chain applications, covering all assets, data and locations. The protocol is backed by zero-knowledge proofs, a type of cryptography that mathematically validates transactions. The startup plans to expand to offer a cross-chain messaging system that can test data stored within the system.
“At Webb, we want to maximize the multi-chain ecosystem experience while upholding the highest standards of privacy,” said Webb Protocol founder and CEO Drew Stone in a statement. “Our blockchain infrastructure and privacy protocols are designed to work seamlessly across different chains and applications.”
Other investors in the round included Zee Prime and CMS Holdings, among others.
The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups. As part of their compensation, certain CoinDesk employees, including editorial employees, may receive exposure to DCG equity in the form of stock appreciation rights, which vest over a multi-year period. CoinDesk journalists are not allowed to purchase stock outright in DCG.
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.