The primary objective of Polyhedra is to connect the Ethereum and Bitcoin ecosystems.
According to a statement released on March 14, Polyhedra Network, the company behind the zero-knowledge protocol zkBridge, raised $20 million in a funding round valued at $1 billion, making it the latest cryptocurrency startup to achieve unicorn status.
Stay in the know on crypto by frequently visiting Crypto News Today
According to blockchain security company Peckshield, this development happened less than a day after the project suffered a breach that let a hostile player access its wallet on BNB Chain, resulting in the loss of roughly $760,000 worth of THENA tokens.
Polychain is the front-runner in funding round
Polychain Capital led the funding round, with contributions from Hashkey Capital, Animoca Brands, Emirates Consortium, and Mapleblock Capital. UoB Ventures, Symbolic Capital, Longhash Ventures, MH Ventures, Arkstream Capital, and Web3Port Foundation are a few other noteworthy backers.
CryptoCaster Quick Check:
With the money it recently received, Polyhedra plans to hire more people and establish itself as a leading proponent of zero-knowledge approaches that enable global interoperability.
Over the course of the last year, Polyhedra’s zkBridge has become a well-known zero-knowledge blockchain interoperability solution, enabling over 20 million cross-chain transactions across 25 blockchains.
Bridging Ethereum and Bitcoin
Concurrently, Polyhedra Network, a Singapore-based company, disclosed its grandiose scheme to create an Ethereum and Bitcoin interoperability protocol. The lack of smart contract functionality in Bitcoin makes this project difficult.
The Polyhedra Network Chief Strategy Officer, Eric Vreeland, says zero-knowledge technology will be essential to maximizing blockchain’s potential, but the project is unfazed. He continued, saying:
“Blockchain technology is revolutionary because it allows for individuals and institutions to transact without a trusted intermediary. As blockchain usage continues to grow, technology that enables secure and highly scalable computation across multiple networks will be a necessity. Unlocking this without introducing additional trust assumptions is critical if we are to stay true to the values this industry was founded on.”
CryptoCaster™ steadfastly upholds its dedication to keeping our global audience well-informed about the ongoing adoption of blockchain technology, as well as the latest hurdles emerging from government-controlled fiat financial systems, banking conglomerates, and other major institutional entities. Our commitment extends to providing comprehensive updates and insights into how these developments affect the broader landscape of digital currencies, the potential regulatory impacts on blockchain innovations, and the evolving dynamics between traditional financial institutions and emerging cryptocurrency markets. By staying at the forefront of these critical issues, CryptoCaster™ aims to empower our audience with the knowledge needed to navigate the complex interplay of technology, regulation, and finance in the modern world. 
