Zecrey Protocol Raises $1.5M to Bring Privacy to Digital Assets
Zecrey Protocol, the layer-2 privacy protocol on Ethereum, today announced its closing of $1.5M funding. The investors include Loopring, SevenX Ventures, Bybit, CMCC Global, SNZ Holding, Stake Capital, Block[0], Dorahacks Ventures, Carsolum, Cypherpunk Guild, and lllia Polosukhin(co-founder of Near).
Zecrey protocol brings an experienced and creative team to tackle the critical and rapidly growing issues regarding privacy on the blockchain, including transaction privacy and account privacy. The protocol creates a novel privacy transaction pattern — — supporting one-to-many transactions without the rise of transaction costs. Zecrey leverages zk-snarks and Sigma to offer privacy for both accounts and transferred assets. By designing a new transaction validating scheme, Zecrey significantly decreases the gas fees, contributing to a better experience for account-based blockchain users. Considering the complicated and vast amounts of existing blockchain ecology, Zecrey implements a cross-chain privacy swap solution that realizes the vision that assets can be transferred in a private, secure, and scalable way between different chains.
Zecrey protocol takes a more practical approach to optimize and implement a few modern privacy-protection cryptographic algorithms, enabling cheaper and quicker financial transactions. We look forward to making privacy available, scalable, and affordable to blockchain transactions for users in the smart contract world.
Looking to the future, every transaction on any blockchain can use Zecrey Protocol to protect assets and account privacy, and there is no need to worry about transaction fees. In addition, Zecrey also guarantees transaction performance through a more lightweight algorithm design.
Zecrey Protocol was started in Feb, 2021 by a few PhDs with backgrounds. As part of its first milestone, Zecrey Protocol will launch the test network in July.
Zecrey official website is live now: Zecrey
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