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

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May 08, 2023, 10:00 ET

NEW YORK, May 8, 2023 /PRNewswire/ -- Webb Protocol, the leading privacy system for cross-blockchain asset transfers, has raised $7 million USD in a seed funding round co-led by Polychain and Lemniscap, with participation from Zeeprime, CMS Holdings among others.

The funding will go towards growing Webb's staff base, accelerating 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.

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

Considering the frequency with which assets are transferred across various chains, the risk of data privacy being undermined through different attack vectors is substantial. Webb is spearheading a new privacy standard on 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 gears up for an extended phase of international growth.

The Webb protocol is an interoperable zero-knowledge proof based system for privately moving assets between blockchains. Webb plans to extend this capability into a cross-chain messaging system with zero-knowledge-based property testing for data stored in the system. The company 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 – serving users across the entire blockchain ecosystem.

Drew Stone, Founder and CEO of Webb Protocol, said: "At Webb, we want to maximize the multi-chain ecosystem experience while upholding the highest standards of privacy. Our blockchain infrastructure and privacy protocols are designed to work seamlessly across different chains and applications. I'd like to sincerely thank our investors for supporting our vision to spearhead a best-in-class decentralised anonymity protocol for Web3 assets, with a view to scaling privacy for everyone in the crypto space."

Roderik van der Graaf, Founder of Lemniscap, said: "Given the proliferation of new emerging blockchain protocols that are rapidly gaining traction, the importance of cross-chain privacy has never been more pronounced. With exceptional technical know-how and strategic acumen, the Webb team has all the tools to create the most decentralised privacy system across the Web3 landscape, and we're delighted 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 transform the way users interact with cryptocurrencies and decentralized applications. We're excited to be part of their journey in shaping the future of digital privacy."

About Webb

Webb is on a mission to scale privacy for everyone, covering all assets, data, and locations – spearheading a new privacy standard on 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://webb.tools/

About Lemniscap

Lemniscap is an investment firm specializing in investments in emerging crypto assets and blockchain startups. Since its founding in 2017, Lemniscap has funded multiple investments in the crypto blockchain space, on the core 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