OKX Ventures Announces A Round Investment in Polyhedra to Advance Web3 Interoperability Infrastructure
SINGAPORE, Jan. 9, 2024 /PRNewswire/ -- OKX Ventures, the investment arm of leading crypto exchange and Web3 technology company OKX, today announced that it has made an A round investment in Polyhedra Network. Polyhedra Network is focused on building the next generation of infrastructure for Web3, with a focus on interoperability, scalability and privacy, using advanced zero-knowledge (ZK) proof technology.
Polyhedra Network is well-known for its zkBridge protocol, which facilitates trustless and efficient cross-chain infrastructure for Layer 1 and Layer 2 interoperability. By utilizing ZK proof technology, zkBridge enables the receiving chain to verify specific state transitions that take place on the sending chain. This approach ensures robust security without relying on external assumptions and effectively reduces the costs associated with on-chain verification.
In April 2023, Polyhedra Network launched 'zkBridge Mainnet Alpha,' providing interoperability for over 20 Layer 1 and Layer 2 blockchains, including Bitcoin, Ethereum, BNB Chain and Arbitrium. zkBridge, secured by Zero-Knowledge Succinct Non-Interactive Argument of Knowledge (zk-SNARK) technology, is the first trustless, efficient, secure and universal cross-chain interoperability protocol.
Throughout 2023, Polyhedra Network's team has launched a number of innovative solutions, such as deVirgo, a novel distributed proof system that speeds up proof generation, and recursive proofs, which reduce the on-chain proof verification costs of zkBridge. In addition, Polyhedra Network recently introduced its Bitcoin messaging protocol with zkBridge, bringing trustless interoperability to the Bitcoin ecosystem through ZK proof technology.
OKX Ventures Founder Dora Yue said: "We are honored to participate in the investment in Polyhedra Network's interoperability infrastructure. Polyhedra Network's team has demonstrated creativity with their ZK proof mechanisms, developing advanced deVirgo and paraPlonk ZK proof systems that strike a balance between ZK interoperability and scalability. OKX Ventures is committed to supporting Polyhedra Network's vision of seamlessly connecting the Web2 and Web3 worlds, and attracting a larger user base to the industry."
To learn more about Polyhedra Network, click here.
About OKX Ventures
OKX Ventures is the investment arm of global leading crypto exchange and Web3 technology company OKX, with an initial capital commitment of USD100 million. It focuses on exploring the best blockchain projects on a global scale, supporting cutting-edge blockchain technology innovation, promoting the healthy development of the global blockchain industry, and investing in long-term structural value.
Through its commitment to supporting entrepreneurs who contribute to the development of the blockchain industry, OKX Ventures helps build innovative companies and brings global resources and historical experience to blockchain projects.
Find out more about OKX Ventures here.
SOURCE OKX Ventures
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