Polyhedra Network raises $10 million in round led by Binance Labs and Polychain Capital

Infrastructure Web3-startup Polyhedra Network raised $10 million in a funding round led by Binance Labs and Polychain Capital, according to The Block.

Among other participants: Animoca Brands and Dao5.

The developers of Polyhedra Network have built several products based on zero-knowledge proofs, including:

• zkBridge — a solution for transferring assets from Web 2.0 to Web3 systems;
• zkDID — a system for decentralized identification;
• ParaPlonk — a scaling solution based on ZK-Rollups.

The startup plans to expand integration with various blockchains, make its products more accessible to developers through API and SDK, and improve the ParaPlonk protocol. The funds raised will also be used to hire staff.

Over the past six months, infrastructure projects accounted for roughly 20% of total crypto venture deals.

Earlier, gaming-focused Web3 startup Nefta raised $5 million in seed funding.