Key Points:
- Lagrange Labs, a zero-knowledge company, announced a $4 million pre-seed fundraising round to expand its patented ZK-proof system.
- Maven11, Lattice Fund, CMT Digital, and Daedalus Angels were among those that participated in the round, which was headed by 1kx.
- The startup intends to address the long-standing problem of blockchain interoperability.
Lagrange Labs, a zero-knowledge (ZK) firm, has acquired $4 million in pre-seed investment to build its ZK solution, which enables safe interoperability across multiple blockchain networks.
The fundraising was spearheaded by investment company 1kx and includes investments from Maven11, Lattice Fund, CMT Digital, and Daedalus Angels.
The company intends to address the long-standing problem of blockchain interoperability by allowing developers to create decentralized apps (dApps) that may access several blockchains at the same time. Transferring information across many chains necessitates the use of an intermediate protocol, which might be vulnerable to hackers and flaws.
Ismael Hishon-Rezaizadeh, the founder of Lagrange, stated:
“These intermediaries also tend to be limited in the information they can pass on. 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.”
Zero-knowledge-proof technology is gradually being acknowledged as a successful method for addressing the Ethereum ecosystem’s scalability concerns.
Lagrange Labs, on the other hand, is using this technology to solve the serious issue of interoperability.
Cross-chain communication formerly needed a bridge or middleman to transfer information, potentially exposing blockchains to security risks; now, Lagrange enables blockchains to avoid the necessity for intermediaries. This will give real-time and historical data to dApps across many Layer 1 and Layer 2 networks.
Lagrange Labs will use the funds to accelerate research into their zero-knowledge proof method, which might have applications ranging from DeFi to decentralized identification, cross-chain GameFi, and cross-chain governance.
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Harold
Coincu News
Source: https://news.coincu.com/188464-lagrange-labs-secures-4-million/