Webb Protocol, the leading privacy system for cross-blockchain asset transfers, has raised $7 million in a seed funding round co-led by Polychain Capital and Lemniscap, with participation from Zeeprime, CMS Holdings and other investors.
The funds raised will be used to grow the company’s staff base and to accelerate the development of innovative privacy tools and protocols. This includes Zero-Knowledge and Multi-Party Computation (MPC) solutions to create the most privacy-centric and streamlined user experience possible.
The company’s mission is to spearhead a new privacy standard on cross-chain applications through its private bridge protocol. This is an interoperable privacy network for cryptocurrency assets and data, which mitigates the risk of data privacy being undermined through different attack vectors.
Webb plans to extend its interoperable zero-knowledge proof based system for privately moving assets between blockchains into a cross-chain messaging system with zero-knowledge-based property testing for data stored in the system.
Webb’s technology is tackling the privacy pain point for emerging protocols by building a cross-chain interoperable privacy network for cryptoassets that enables shared anonymity pooling for assets on any WASM compatible chain. This serves users across the entire blockchain ecosystem.
Drew Stone, Founder and CEO of Webb Protocol, stated that the company’s infrastructure and privacy protocols are designed to work seamlessly across different chains and applications.
He added that the company’s vision is to spearhead a best-in-class decentralized anonymity protocol for Web3 assets, with a view to scaling privacy for everyone in the crypto space.
The investors have shown confidence in the company’s ability to create the most decentralized privacy system across the Web3 landscape.
They have stated that the importance of cross-chain privacy has never been more pronounced, given the proliferation of new emerging blockchain protocols that are rapidly gaining traction.
Zero-Knowledge and Multi-Party Computation have the potential to significantly transform the way users interact with cryptocurrencies and decentralized applications. The investors are excited to be part of the company’s journey in shaping the future of digital privacy.
With offices in New York, Tel Aviv, Cairo and Miami, Webb has already established a strong global footprint as it gears up for an extended phase of international growth. The company is well-positioned to leverage its technological expertise to meet the growing demand for cross-chain privacy solutions.