Zero-Knowledge Proof Ethereum Startup Raises $2 Million

A blockchain research and development startup have recently revealed that it was able to raise around $2 million USD in a seed funding round which was led by Placeholder VC to develop scaling solution for Ethereum.

Matter Labs co-founder Alex Gluchowski said that their product will be much scalable than what Ethereum has today without sacrificing the decentralization or security.

The new scaling solutions from Matter Lab will be based on a novel form of cryptography known as zero-knowledge proofs that leverage mathematical formulas to work their magic and could potentially significantly increase the scalability of the Ethereum blockchain and lower cost of transactions.

A number of other venture capitalist firms joined Placeholder in the funding round one of such is Hashed with its CEO and managing partner Simon Seojon Kim stating that they believe that on-chain data availability and scaling solution of Matter labs will be an integral piece in accelerating the growth of ethereum’s decentralized finance space.

Matter Labs was officially launched in December 2018 and has received numerous funding from the Ethereum foundation over the course of 2019.