Webb Secures $7M in Funding to Protect Privacy for Expanding Cross-Chain Ecosystem

NEW YORK, 8 May 2023 /PRNewswire/ — The Webb Protocolthe leading privacy system for asset transfers across blockchains, has departed 7 million dollars in a seed funding round led by Polychain and Lemniscap, with participation from, among others, Zeeprime, CMS Holdings.

The funds must go to growth Webb’s staff base, accelerates the development of innovative privacy tools and protocols – including Zero-Knowledge and Multi-Party Computation (MPC) solutions – while creating the most privacy-centric and streamlined user experience possible.

Considering how often assets are transferred across different chains, the risk of privacy being undermined through various attack vectors is significant. Webb is spearheading a new privacy standard for cross-chain applications through its Private Bridge Protocol – an interoperable privacy network for cryptocurrency assets and data. With offices in New York, Tel Aviv, Cairo and Miami, Webb has already established a strong global footprint as it prepares for an extended phase of international growth.

The Webb the protocol is an interoperable zero-knowledge secure system for the private movement of assets between blockchains. Webb plans to extend this capability to a cross-chain messaging system with zero-knowledge property testing for data stored in the system. The company addresses the privacy pain point for new protocols by building an interoperable cross-chain privacy network for cryptoassets that enables shared anonymity pooling for assets on any WASM-compliant chain – serving users across the entire blockchain ecosystem.

Drew Stonefounder and CEO of Webb Protocol, so: “At Webb, we want to maximize the multi-chain ecosystem experience while maintaining the highest standards of privacy. Our blockchain infrastructure and privacy protocols are designed to work seamlessly across different chains and applications. I would like to thank our investors for their support. our vision of to spearhead a best-in-class decentralized anonymity protocol for Web3 resources, aiming to scale privacy for everyone in crypto room.”

Roderik van der Graaffounder of Lemniscap, so: “With the proliferation of new emerging blockchain protocols rapidly gaining ground, the importance of cross-chain privacy has never been more pronounced. With exceptional technical knowledge and strategic acumen, Webb team has all the tools to create the most decentralized privacy system across the Web3 landscape, and we’re excited to support them in this mission.”

Niraj Pant, General Partner, Polychain, said: “Webb continues to drive innovation in privacy and distributed governance. Zero-Knowledge and Multi-Party Computation have the potential to significantly change the way users interact with cryptocurrencies and decentralized applications. We are excited to be part of their journey to shape the future of digital privacy.”

About Webb

Webb is on a mission to scale privacy for all, covering all assets, data and locations – spearheading a new privacy standard for cross-chain applications through its private bridge protocol. By building interoperable privacy protocols and blockchain infrastructure, the company aims to serve users across the entire blockchain ecosystem. For more information visit: https://web.tools/

About Lemniscap

Lemniscap is an investment firm that specializes in investments in emerging markets crypto assets and blockchain startup. Since its founding in 2017, Lemniscap has financed several investments in crypto blockchain space, due to the fundamental belief that blockchain technology will upend traditional business models, resulting in profound changes in the world economy. The Lemniscap team consists of talented people with backgrounds in financial markets, PE/VC, technology and entrepreneurship. For more information, visit https://lemniscap.com/.

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SOURCE Webb protocol