MAY 8, 2023, NEW YORK — With Zeeprime and CMS Holdings’ participation, Polychain, and Lemniscap jointly led a seed fundraising round to generate USD 7 million for Webb Protocol, the industry’s top privacy solution for cross-blockchain asset transfers.
The money will be used to expand Webb’s workforce, hasten the creation of cutting-edge privacy tools and protocols, including Zero-Knowledge and Multi-Party Computation (MPC) solutions, and improve the user experience while keeping privacy in mind.
Given how frequently assets are moved between multiple chains, there is a significant danger that several attack routes will compromise data privacy. Through its private bridge protocol, which creates an interoperable privacy network for cryptocurrency assets and data, Webb is leading the way in a new privacy standard for cross-chain applications. As it prepares for a prolonged era of worldwide growth, Webb has already created a robust global footprint with offices in New York, Tel Aviv, Cairo, and Miami.
An interoperable zero-knowledge proof-based mechanism called the Webb protocol securely transfers assets between blockchains. With zero-knowledge-based property testing for the data stored in the system, Webb intends to expand this capability into a cross-chain messaging system. By creating a cross-chain interoperable privacy network for crypto assets that enables shared anonymity pooling for purchases on any WASM-compatible chain, the business is addressing the privacy pain point for new protocols, benefiting users throughout the whole blockchain ecosystem.
“At Webb, we want to maximize the multi-chain ecosystem experience while upholding the highest privacy standards,” stated Drew Stone, founder, and CEO of Webb Protocol. Our privacy techniques and blockchain infrastructure are built to operate without hiccups on various chains and applications. To scale privacy for everyone in the cryptocurrency sector, I would like to gratefully thank our investors for supporting our mission to pioneer a best-in-class decentralized anonymity system for Web3 assets.
“Given the proliferation of emerging blockchain protocols that are rapidly gaining traction, the importance of cross-chain privacy has never been more pronounced,” stated Roderik van der Graaf, the founder of Lemniscap. We’re happy to help the Webb team in their aim to build the most decentralized privacy system in the Web3 ecosystem, thanks to their excellent technical knowledge and business acumen.
Webb continues to lead innovation in privacy and distributed governance, according to Niraj Pant, General Partner at Polychain. Zero-knowledge and multi-party computation may drastically change how people engage with cryptocurrency and decentralized applications. We are thrilled to participate in their efforts to shape the direction of online privacy.
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