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Zero-Knowledge Privacy Startup Webb Protocol Raises $7M
Polychain Capital and Lemniscap co-led the seed round for the bridge protocol.
By Brandy Betz
Updated May 8, 2023, 2:24 p.m. Published May 8, 2023, 1:00 p.m.
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.
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“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.
Read more: Zero-Knowledge Cryptography in 2023: The Year Privacy Becomes Practical
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