Webb Protocol raises $7M in funding to unlock user privacy in the Web3 ecosystem
The current state of privacy in Web3 is characterized by fragmentation. Each privacy project operates with its own distinct privacy sets, resulting in a lack of cohesion. These privacy projects often vie for the same pool of users, liquidity, and data, leading to a competitive landscape.
However, this independence of privacy sets creates a zero-sum environment in terms of privacy creation, where the gains of one project may come at the expense of others. That is why zero-knowledge privacy tech startup Webb Protocol is building infrastructure to allow for private cross-blockchain asset transfers and unlock user privacy for billions expected to join the Web3 ecosystem a few years from now.
The company recently raised $7 million in a seed funding round. This funding round was co-led by Polychain Capital and Lemniscap, two prominent investment firms, with participation from other investors including Zee Prime and CMS Holdings, among others. Webb Protocol will use the cash infusion to expand its team and expedite the development of innovative tools with a strong emphasis on privacy.
The timing of this funding is noteworthy, as it comes at a time when investments in zero-knowledge-based infrastructure have displayed resilience despite the challenges posed by the bear market. This further underscores the growing recognition and value attributed to privacy-enhancing technologies and solutions within the market.
Founded just a few years ago by CEO Drew Stone, Webb Protocol enables the transfer of assets across various blockchain protocols while prioritizing financial privacy. It serves as a multi-chain platform designed to incentivize the creation of privacy through innovative economic design.
“At Webb, we want to maximize the multi-chain ecosystem experience while upholding the highest standards of privacy,” Stone said in a statement. “Our blockchain infrastructure and privacy protocols are designed to work seamlessly across different chains and applications.”
The primary goal of the protocol is to foster decentralization, aiming to become the most decentralized privacy system available. By leveraging advanced technology, the Webb Protocol offers a secure and privacy-focused solution for seamless asset transfers in the blockchain ecosystem.