Webb Protocol, a privacy platform for transferring assets between blockchains, has announced a $7 million fundraising round. Polychain and Lemniscap led the funding round, with participation from other firms such as Zeeprime and CMS Holdings. The additional funds will be used to hire more people to work on Webb, speed up the creation of novel privacy tools and protocols like Zero-Knowledge and Multi-Party Computation (MPC) solutions, and focus on making the user experience as privacy-friendly and efficient as possible.
How Webb Protocol is disrupting the blockchain ecosystem
To safely and anonymously transfer assets between different blockchains, the Webb protocol provides an interoperable zero-knowledge proof-based mechanism. Webb wants to provide zero-knowledge property testing for data stored in the system, which will allow for the expansion of this capability into a cross-chain messaging system. The ways in which people interact with cryptocurrencies and decentralised applications could be drastically altered by the advent of zero-knowledge and multi-party computation.
Already having a global presence with locations in New York, Tel Aviv, Cairo, and Miami, the company is preparing for a sustained period of international expansion. The Webb team has the technical expertise and strategic understanding to build the most distributed privacy system in the Web3 ecosystem.
Webb Protocol is developing a cross-chain interoperable privacy network for crypto assets. This network will enable shared anonymity pooling for assets on any WASM-compatible chain, and it will provide services to users throughout the whole blockchain ecosystem. This will allow the company to address the privacy issue that has been identified as a problem for new protocols. Webb’s blockchain architecture and privacy standards are built with interoperability between chains and use cases in mind.
The company’s goal is to provide services to participants in the whole blockchain ecosystem through the development of universally applicable privacy standards and blockchain infrastructure.