Polyhedra Valuation Soars To $1 Bln Amid Animoca Brands & Hashkey BackingPolyhedra Network's valuat

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14 Mar 2024

STORY HIGHLIGHTS

Polyhedra Network's valuation skyrockets to $1 billion following a $20 million funding round.
Notable backers include Animoca Brands and Hashkey Capital.
Polyhedra focuses on advancing zero-knowledge proofs for blockchain scalability and security.

The Polyhedra Network, the brains behind the zero-knowledge interoperability protocol zkBridge, has gained notable traction in the crypto market today. The buzz around the zkBridge developer comes amid its announcement of securing a remarkable $20 million in funding.
Meanwhile, this substantial investment has catapulted the company’s valuation to a staggering $1 billion. Such a feat is attributed to a flurry of prominent backers, including Polychain Capital, Animoca Brands, Emirates Consortium, and Hashkey Capital, among others.

Polyhedra Valuation Soars To $1 Bln

The recent announcement of Polyhedra Network’s successful closure of a $20 million strategic funding round has sent shockwaves through the cryptocurrency landscape. The company, renowned for its innovative zero-knowledge interoperability protocol zkBridge, has witnessed a meteoric rise, reaching a valuation milestone of $1 billion.
Notably, this achievement underscores the market’s confidence in Polyhedra’s vision and technology, as evidenced by the diverse range of investors participating in this funding round.
Meanwhile, Polyhedra Network is a prominent player in the blockchain space, leveraging zero-knowledge proofs to enhance security, scalability, and trust minimization. The zkBridge protocol, a flagship product of Polyhedra, has facilitated over 20 million cross-chain transactions across 25+ blockchains, showcasing its efficacy and reliability.
The infusion of $20 million in strategic funding signifies a pivotal moment for Polyhedra Network. According to the announcement, the team aims to utilize the funds to expand its team and explore global markets. Besides, the investment will fuel the network’s mission to advance as a leading zero-knowledge institution, driving the worldwide adoption of trust-minimized interoperability, the announcement showed.

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A Closer Look Into The Report

Eric Vreeland, Chief Strategy Officer of Polyhedra Network, emphasized the significance of their technological advancements in zero-knowledge proofs, highlighting its potential to revolutionize blockchain scalability and cost-efficiency. He remarked:

“With our ZK technology, developers no longer have to choose between performance and ease-of-use.”

Notably, this statement encapsulates Polyhedra’s commitment to pushing the boundaries of what’s achievable in blockchain technology.
Meanwhile, the founding team’s academic prowess and deep understanding of cryptography have been instrumental in Polyhedra’s journey. Their groundbreaking research has paved the way for innovative solutions, such as the proposed interoperability protocol between Bitcoin and Ethereum ecosystems, addressing a longstanding industry challenge.

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Notably, Vreeland reiterated the importance of zero-knowledge technology in realizing blockchain’s full potential, emphasizing its role in enabling secure and scalable computation across diverse networks.
As Polyhedra Network continues to spearhead advancements in zero-knowledge interoperability, its trajectory toward widespread adoption and global prominence seems imminent. Notably, the $20 million strategic funding round serves as a testament to the market’s recognition of Polyhedra’s transformative potential, setting the stage for further innovation and industry disruption.
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Nvidia Drops Exclusive Glimpse Of Blackwell B100 AI Chip Ahead Of Conference

Nvidia Drops Exclusive Glimpse Of Blackwell B100 AI Chip Ahead Of Conference

Nvidia recently offered a sneak peek into its B100 AI chip, sparking immense curiosity across the industry as GTC looms.
By Coingape Staff9 hours ago

STORY HIGHLIGHTS

Nvidia CEO spotlights upcoming flagship products as GTC looms.
Blackwell B100 AI GPU chip appears to be the primary focus, piquing global attention.
Nvidia further bolsters its positioning across the market, with the GTC's developments further weighing in.

In a whirlwind of advancements witnessed across the AI industry recently, Nvidia, a leading GPU manufacturer, offered exclusive insights into the upcoming Blackwell B100 AI chips the firm plans to launch in the GTC next week. In a remarkable event, Jensen Huang, the CEO of the GPU giant, took to the stage of a Silicon Valley hockey arena on Monday, revealing valuable insights on looming flagship products with the upcoming GTC kick off.
This marks a monumental milestone for Nvidia, coming as the firm’s first annual developer conference held ever since the pandemic rolled in. With the GPU giant already staging as a leading player across the AI industry, the upcoming conference and the launch of Nvidia’s new products are expected to further anchor its foothold across the sector.

Nvidia Fuels Market Optimism As GTC Looms

As the global race for AI paces each day, industry experts anticipate Nvidia to further capitalize on its revenue, leading to a market capitalization that will top any other entity. Meanwhile, with the cryptocurrency sector’s AI-based tokens further propelling market optimism for Nvidia, a torrent of optimistic buzz birthed with the GTC looming.
According to a report, the conference is expected to scope-in on Nvidia’s next-gen high-end AI processing units, one of which stands out, and experts expect it to be called B100. With Nvidia teasing developers last year, claiming the Blackwell B100 chip to be the most powerful GPU ever, the upcoming launch marks a key milestone for the company.
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Nvidia Shares To Scale Greater Heights?

Despite the GPU giant’s facing a class action suit against authors for training its generative AI NeMo with the help of their books, Nvidia continues to showcase a storm of breakthroughs, fueling market optimism among investors. In a report by CoinGape Media earlier this month, NVDA ( Nvidia’s stock ticker on NASDAQ) scaled a new ATH, closing in on Apple.
With the immense potential and growth AI offers globally, Nvidia’s venture into fostering and developing AI systems will indeed aid the firm’s stance even further. A few hundred billion dollars behind Apple, NVDA is promptly gaining significant traction globally, fueling optimism among investors for further stock price rises, aligning with the burgeoning rise in AI.
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Breaking: US PPI Inflation Rises 0.6% In February; Bitcoin Inches Lower

Breaking: US PPI Inflation Rises 0.6% in February; Bitcoin Inches Lower

Bitcoin prices inched lower after wholesale inflation saw a 0.6% spike in February, according to US PPI inflation data issued on Friday.
By Nausheen Thusoo9 hours ago
Updated 8 hours ago

STORY HIGHLIGHTS

The PPI index, which gauges the price at which raw materials are sold on the open market, came in at 0.6% in February.
Analysts on average had expected the U.S. PPI for February to be up 0.3% m/m, Retail sales to rise 0.8% m/m.
The PPI inflation data holds extreme importance given the Fed's next March meeting is scheduled for next week.
In the aftermath of the disappointing PPI data, Bitcoin prices took a fall.

The US PPI inflation data released by the Bureau of Labor Statistics on Friday showed that wholesale inflation experienced a surge in February. The PPI index, which gauges the price at which raw materials are sold on the open market, came in at 0.6% in February, higher than analyst forecast of 0.3%. That also compares to a 0.3% increase in January.

US February PPI Inflation Rises

The Producer Price Index for final demand rose 0.6 percent in February, seasonally adjusted, the U.S. Bureau of Labor Statistics reported today. Final demand prices increased 0.3 percent in January and edged down 0.1 percent in December 2023. On an unadjusted basis, the final demand index advanced 1.6 percent for the 12 months ended in February, the largest rise since moving up 1.8 percent for the 12 months ended September 2023.
Analysts on average had expected the U.S. PPI for February to be up 0.3% m/m and up 1.1% y/y. The number stands up/down from the prior readings of a rise of 0.3% m/m and 0.9% y/y.
The PPI inflation data holds extreme importance given the Fed’s next March meeting is scheduled for next week. Being an important measure to understand purchasing power and inflation, today’s PPI report will be viewed as a crucial sign for the upcoming Fed decision. According to the CME FedWatch Tool, investors have placed 99% bets that the Fed will keep interest rates unchanged at its next meeting. Market participants had previously expected the Fed to lower its key interest rates as early as March. However, with inflation proving to stay sticky, the idea that the Fed may keep interest rates higher for longer has cemented further.

Retail Sales Rise in The US

CNBC also showed that Retail sales recovered on a busy morning for economic statistics, up 0.6% month over month according to Commerce Department data that is seasonally adjusted but not inflation adjusted. Previously the U.S. Retail Sales data showed a fall of 0.8% m/m in January. The number for February was predicted by economists to be up 0.8% m/m.

Crypto Market Reaction

In the aftermath of the disappointing PPI data, Bitcoin prices took a fall. At the time of writing, the OG-crypto currency was down 0.5% at $72,702.40. As compared to the same time yesterday, the trading volume of Bitcoin also fell 0.3% and stood at $43.9 billion. Usually, lower interest rates take away the shine of government financial assets as the return of interest on them stands lower. This increases the risk appetite among investors, thereby benefiting the crypto markets.
The move in the Bitcoin prices was in tandem with other financial sectors as well. According to Reuters, the expectation that the Federal Reserve will lower interest rates in the upcoming months was dampened by hotter-than-expected producer prices reading on Thursday, which caused U.S. stock index futures to halve their gains.