Zero-Knowledge Privacy Startup Webb Protocol Raises $7M

Polychain Capital and Lemniscap co-led the seed round for the bridge protocol.

AccessTimeIconMay 8, 2023 at 1:00 p.m. UTC
Updated May 8, 2023 at 2:24 p.m. UTC

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.

Edited by Nelson Wang.

Disclosure

Tenga en cuenta que nuestra política de privacidad, condiciones de uso, cookies, y no vender mis datos personales ha sido actualizada.

CoinDesk es un galardonado medio de comunicación que cubre la industria de la criptomoneda. Sus periodistas siguen un conjunto estricto de políticas editoriales. In November 2023, CoinDesk fue adquirido por el grupo Bullish, propietario de Bullish, un intercambio de activos digitales regulado. El grupo Bullish es mayoritariamente propiedad de Block.one; ambas empresas tienen intereses en una variedad de negocios de blockchain y activos digitales y tenencias significativas de activos digitales, incluido bitcoin. CoinDesk opera como subsidiaria independiente con un comité editorial para proteger la independencia periodística. CoinDesk ofrece a todos los empleados por encima de cierto umbral salarial, incluidos los periodistas, opciones sobre acciones en el Bullish group como parte de su compensación.


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.