{"id":404401,"date":"2024-03-14T16:50:10","date_gmt":"2024-03-14T16:50:10","guid":{"rendered":"https:\/\/cryptoslate.com\/?p=404401"},"modified":"2024-03-14T16:28:14","modified_gmt":"2024-03-14T16:28:14","slug":"zero-knowledge-protocol-polyhedra-network-valued-at-1-billion-despite-recent-token-theft","status":"publish","type":"post","link":"https:\/\/cryptoslate.com\/zero-knowledge-protocol-polyhedra-network-valued-at-1-billion-despite-recent-token-theft\/","title":{"rendered":"Zero Knowledge protocol Polyhedra Network valued at $1 billion despite recent token theft"},"content":{"rendered":"

Polyhedra Network, the zero-knowledge protocol zkBridge developer, became the latest crypto company to reach unicorn status after it raised $20 million in a funding round that valued it at $1 billion, according to a Mar. 14 statement shared with CryptoSlate<\/em>.<\/p>\n

This development occurred less than a day after the project experienced a breach that allowed a malicious player to access its wallet on BNB Chain<\/a>, resulting in the loss of approximately $760,000 worth of THENA<\/a> tokens, according<\/a> to blockchain security firm Peckshield.<\/p>\n

Polychain leads funding round.<\/h2>\n

The funding round was spearheaded by Polychain Capital, with contributions from Animoca Brands<\/a>, Emirates Consortium, Mapleblock Capital, and Hashkey Capital<\/a>. Other notable backers include UoB Ventures, Symbolic Capital, Longhash Ventures, MH Ventures, Arkstream Capital, and Web3Port Foundation.<\/p>\n

Polyhedra intends to utilize its recent funding injection to expand its workforce and solidify its position as a leading advocate for global interoperability through zero-knowledge methodologies.<\/p>\n

Polyhedra's zkBridge has emerged as a prominent zero-knowledge blockchain interoperability solution in the past year, facilitating over 20 million cross-chain transactions across 25 blockchains.<\/p>\n

Connecting Bitcoin and Ethereum<\/h2>\n

Meanwhile, the Singapore-based firm Polyhedra Network also revealed its ambitious plan to establish an interoperability protocol bridging the Bitcoin<\/a> and Ethereum<\/a> ecosystems. This endeavor is deemed challenging due to Bitcoin's lack of smart contract capabilities.<\/p>\n

However, the project remains unfazed, with Eric Vreeland, the Chief Strategy Officer at Polyhedra Network, saying Zero-knowledge technology will be pivotal in unleashing the full potential of blockchain. He added:<\/p>\n

“Blockchain technology is revolutionary because it allows for individuals and institutions to transact without a trusted intermediary. As blockchain usage continues to grow, technology that enables secure and highly scalable computation across multiple networks will be a necessity. Unlocking this without introducing additional trust assumptions is critical if we are to stay true to the values this industry was founded on.”<\/p><\/blockquote>\n","protected":false},"excerpt":{"rendered":"

Polyhedra Network, the zero-knowledge protocol zkBridge developer, became the latest crypto company to reach unicorn status after it raised $20 million in a funding round that valued it at $1 billion, according to a Mar. 14 statement shared with CryptoSlate. This development occurred less than a day after the project experienced a breach that allowed […]<\/p>\n","protected":false},"author":720,"featured_media":404439,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[35372,37],"tags":[72190,79352,79353],"post_folder":[],"acf":[],"yoast_head":"\nZero Knowledge protocol Polyhedra Network valued at $1 billion despite recent token theft<\/title>\n<meta name=\"description\" content=\"Polyhedra secures $20 million funding from Polychain, Hashkey, Animoca Brands, others, shortly after security breach.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/cryptoslate.com\/zero-knowledge-protocol-polyhedra-network-valued-at-1-billion-despite-recent-token-theft\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" 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