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Citrea raises $2.7M in seed funding to start Bitcoin ZK-rollup

Citrea raises .7M in seed funding to start Bitcoin ZK-rollup

Citrea, a job aiming to provide zero-expertise (ZK) rollups to Bitcoin, has closed a $2.7 million seed spherical led by Galaxy Ventures, the undertaking arm of Galaxy Digital.

The job reported in a Feb. 2 blog submit that the funding would help Chainway Labs, the blockchain infrastructure agency building Citrea, to carry it to market place.

“Citrea is the very first rollup that boosts the capabilities of Bitcoin blockspace with zero-knowledge technological know-how, building it feasible to make everything on Bitcoin,” the organization mentioned in a statement.

The round shut in 2023 and noticed participation from Delphi Ventures, Taproot Wizards co-founder Eric Wall, Blockscout founder Igor Barinov and others.

ZK-rollups are principles that have been extra generally linked to Ethereum by means of layer-2 blockchains this sort of as Polygon and zkSync.

ZK-rollups purpose to be effective and more cost-effective by bundling transactions on layer 2 and securing them utilizing a cryptographic protocol termed ZK-proofs to prove they took place to the base blockchain without disclosing aspects about how.

Bitcoin also has layer 2s, this kind of as the payments-focused Lightning Network and scaling tasks to rival Citrea, these types of as ZKSats and Rollux.

In its write-up, Citrea claimed its ZK-rollup addresses Bitcoin’s “challenges in dealing with much more transactions” and supports “diverse purposes without having switching its consensus principles.”

“In carrying out so, Citrea leverages Bitcoin not only as a digital forex but also as a foundation layer for securing and settling transactions,” it extra.

Connected: BTC price tag drops to 1-7 days low as traders focus on Bitcoin whales, Nvidia

Bitcoin builders have observed a expanding divide on how the blockchain should be made use of.

Some consider it must keep its use as a peer-to-peer digital hard cash as explained in its white paper, but latest projects like Ordinals, allowing for for nonfungible token (NFT)-like belongings and the BRC-20 conventional allowing for speculative tokens, have challenged that imagining.

In a Feb. 6 website write-up Citrea explained it aims to make Bitcoin “a base layer” for an ecosystem of blockchain games, NFTs and decentralized finance (DeFi) “without compromising Bitcoin protection and altering its consensus regulations.”

Its resolution is also dependent on the Ethereum Virtual Equipment (EVM), which “enables all the EVM builders to establish on Bitcoin.”

Big Questions: What did Satoshi Nakamoto believe about ZK-proofs?