Investing.com - Blockchain company Hyperbridge has secured $2.5 million in seed funding in a round led by the Web3 Foundation and Scytale Digital.
The funds are set to back Hyperbridge's use of Polkadot’s architecture to support decentralized applications and improve scalability within the Web3 ecosystem.
With its cross-chain tech, Hyperbridge is used by projects like Succinct, Axelar, Union, and Avail. Recently, the protocol secured a parachain slot on Polkadot and raised an extra $2.7M through a crowd loan, which turned out to be the most successful one on the network.
Moreover, Hyperbridge is developing cross-chain interoperability using a hub model to scale verifiable interoperability across multiple blockchains. It integrates zero-knowledge technology and mechanistic protocols to offer secure cross-chain messaging and storage query solutions.
“Hyperbridge represents a significant step towards a cross-chain future, embodying the highest standards of security, scalability, and innovation,” said Fabian Gompf, CEO of Web3 Foundation. “By building on Polkadot’s robust framework, Hyperbridge empowers the ecosystem with verifiable, unstoppable interoperability, setting a new benchmark for secure cross-chain solutions.”
Hyperbridge focuses on security by working with the team behind Polkadot’s security audits. Its zk light clients for Polkadot and Ethereum offer a verifiable alternative to traditional multisig bridge models for cross-chain communication and interoperability.
Mark Cachia, CIO of Scytale Digital, noted, "Hyperbridge addresses critical security flaws in traditional bridges and sets a new standard for verifiable interoperability."
Based on Polkadot's design, which is optimized for interoperability and fast transaction finality, Hyperbridge offers cross-chain messaging and storage capabilities from the outset, supporting various applications, including stablecoins and decentralized finance (DeFi).
Hyperbridge also supports use cases such as non-custodial native bridges for liquidity, multichain expansion for digital assets, and new cryptoeconomic coprocessors for on-chain insurance protocols and zk aggregation.
Seun Lanlege, founder of Polytope Labs, which developed Hyperbridge, explained the platform's security features, saying, "Hyperbridge disintermediates traditional authentication methods by using finality and storage proofs."
This content was originally published on Investing.com
