DeFi
www.coindesk.com
18 May 2023 14:39, UTC
Reading time: ~2 m
Zero-knowledge (ZK) startup Lagrange Labs has raised $4 million in pre-seed funding to develop its ZK system enabling secure interoperability across different blockchain networks.
The raise was led by investment firm 1kx and included contributions from Maven11, Lattice Fund, CMT Digital, Daedalus Angels, according to an emailed announcement on Thursday.
Lagrange’s work could entice more users to decentralized finance (DeFi) by allowing developers to build decentralized apps (dApps) that can operate across different blockchain simultaneously while alleviating the security threat that this may otherwise bring.
Sharing information across different chains requires an intermediary protocol, which can be prone to hacks and vulnerabilities.
“These intermediaries also tend to be limited in the information they can pass on,” Lagrange’s founder Ismael Hishon-Rezaizadeh said. “Modern DeFi applications require more sophisticated relationships between data on different blockchains, and we’re excited to see how our technology can unlock new multi-chain DeFi primitives.”
Lagrange has also hired Yale University’s co-director of Applied Cryptography Charalampos Papamanthou as its chief scientist.
Read More: Newly Formed ZeroSync Association Brings Zero-Knowledge Proofs to Bitcoin
Sourced from cryptonews.net.
