Investing.com – Blockchain startup Hyperbridge has raised $2.5 million in seed funding in a round led by Web3 Foundation and Scytale Digital.
The funds are intended to support Hyperbridge’s use of Polkadot’s architecture to power decentralized applications and improve scalability within the Web3 ecosystem.
Thanks to its cross-chain technology, Hyperbridge is used by projects such as Succinct, Axelar, Union, and Avail. Recently, the protocol secured a parachain slot and raised an additional $2.7 million through a crowdloan, which turned out to be the most successful on the network.
Additionally, Hyperbridge is developing cross-chain interoperability using a hub model to scale verifiable interoperability between 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, incorporating the highest standards of security, scalability, and innovation,” said Fabian Gompf, Executive Director of the Web3 Foundation. “By building on Polkadot’s robust framework, Hyperbridge empowers the ecosystem with unstoppable, verifiable interoperability, setting a new benchmark for secure cross-chain solutions.”
Hyperbridge focuses on security by working with the team responsible for Polkadot’s security audits. Their zk light clients for Polkadot offer a verifiable alternative to traditional multi-signature bridge models for cross-chain communication and interoperability.
Mark Cachia, CIO at Scytale Digital, said: “Hyperbridge addresses critical security flaws in traditional bridges and sets a new standard for verifiable interoperability.”
Built on Polkadot’s design, which is optimized for interoperability and fast transaction completion, Hyperbridge offers cross-chain messaging and storage capabilities out of the box, supporting a variety of applications including stablecoins and decentralized finance (DeFi).
Hyperbridge also supports use cases such as native non-custodial bridges for liquidity, multi-chain expansion for digital assets, and new crypto-economic co-processors 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 removes the middleman from traditional authentication methods by using proof-of-purpose and storage.”
