OKX Ventures makes an A-round investment in Polyhedra Network

OKX Ventures, an investment subsidiary of a leading Web3 technology company and cryptocurrency exchange, finances an A round of funding for Polyhedra Network. The network is currently engaged in the development of an advanced framework that is associated with Web3 and encompasses numerous features. Concerns regarding privacy, interoperability, and upgradeability are among those addressed through the implementation of enhanced zero-knowledge (ZK) proof technology.

A notable feature of Polyhedra Network is its zkBridge protocol, which establishes an efficient and trustless cross-chain infrastructure to facilitate interoperability between Layer 1 and Layer 2. By leveraging ZK-proof technology, zkBridge provides the recipient chain with the capability to validate specific state transactions occurring on the forwarding chain. This approach ensures appropriate security measures and reduces expenses associated with on-chain authentication.

zkBridge Mainnet Alpha, which Polyhedra released in early 2023, provides interoperability with over twenty Layer 1 and 2 blockchains, including Bitcoin, BNB Chain, Ethereum, and Arbitrum. As the first trustless, efficient, secure, and ubiquitous cross-chain interoperability protocol, zkBridge is protected by Zero-Knowledge Succinct Non-Interactive Argument of Knowledge (zk-SNARK) technology.

The Polyhedra Network team introduced numerous innovative services throughout 2023, including deVirgo, an exclusive allocated proof mechanism that accelerates proof generation and recursive proofs. This contributes to the reduction of zkBridge’s on-chain proof authentication costs. Furthermore, Polyhedra Network introduced zkBridge, an extension of its Bitcoin messaging protocol, which utilized ZK-proof technology to establish trustless interoperability within the Bitcoin ecosystem.

Dora Yue, the Founder of OKX Ventures, stated that they are excited to be a part of the investment in Polyhedra Network’s interoperability platform. In her opinion, the company has demonstrated its expertise by developing new-age deVirgo and paraPlonk ZK-proof procedures that balance ZK interoperability and upgradeability. OKX Ventures, for its part, has pledged to support Polyhedra Network’s goal of effortlessly connecting the Web2 and Web3 sectors, hence increasing the user base.

OKX Ventures, the investment arm of the company, was established with $100 million in capital. Its primary objective is to identify prospective blockchain-focused initiatives on a global scale. Furthermore, the organization supports cutting-edge blockchain technology innovation, fostering a robust global blockchain industry expansion.

Scott Cook

Scott Cook got into crypto world since 2010. He has worked as a news writer for three years in some of the foremost publications. He recently joined our team as a crypto news writer. He regularly contributes latest happenings of crypto industry. In addition to that, he is very good at technical analysis.

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