• Webb Protocol, a zero-knowledge privacy startup, has raised $7 million in a seed 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 continue to prove resilient amid the bear market.
Webb Protocol Raises $7 Million for Privacy-Focused Cross-Chain Bridge
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.
What is Webb Protocol?
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.
The seed funding round was co led by Polychain Capital and Lemniscap with other investors such as Zee Prime and CMS Holdings also participating in it.
“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 an official statement “Our blockchain infrastructure and privacy protocols are designed to work seamlessly across different chains and applications”
The fundraising will surely help Webb Protocol reach its vision of providing maximum security while transferring assets across multiple chains without compromising on user’s privacy