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Blockchain security startup Halborn raises $90 million in Series A round

The Series A funding round was led by Summit Partners, with participation from Castle Island Ventures, Digital Currency Group and Sky Vision Capital among others.

Halborn, a blockchain security startup based in Miami, has secured $90 million from investors in its series A funding round, Bloomberg reported on Tuesday.

The firm, whose core services include security advisory, advanced penetration testing and smart contracts audit, said the funding round was led by Summit Partners.

Other participants included Castle Island Ventures, Digital Currency Group, Third Prime, Sky Vision Capital, Fenwick and Brevan Howard.  The startup did not provide a valuation.

Security focus despite crypto winter

Halborn’s financing comes amid a crypto winter that has prices of Bitcoin and other cryptocurrencies battered and a market environment that has seen several companies crash due to contagion.

But while the outlook for many crypto companies hinges on the market trajectory, it’s almost business as usual for Halborn. According to the firm’s CEO Rob Behnke, focusing on cybersecurity has helped the startup stay buoyant as price “has nothing to do with [its] business.”

He noted that their main motivation is growth for the industry, with security critical as bad actors continue to search for vulnerabilities and ways to steal crypto.

The backdrop to this is an increased demand for cybersecurity services, Behnke added.

Halborn, which was founded in 2019, has grown its employee numbers to 100 and collaborates with top crypto companies including Coinbase and Solana on risk assessment and platform security.

The company also counts global tech giant Amazon, investment banking firm BNY Mellon and sportswear behemoth Nike among those it advises.

The post Blockchain security startup Halborn raises $90 million in Series A round appeared first on CoinJournal.

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Polygon announces zero-knowledge EVM rollups to boost Web3 infrastructure

Polygon, a decentralised Web3 infrastructure and Ethereum scaling solution, has launched Polygon zkEVM (zero-knowledge Ethereum Virtual Machine), a layer 2 solution that leverages zero-knowledge proofs to offer seamless transactions buoyed with reduced costs and increased throughput.

The batching of transactions support allows for significant reduction of gas fees, while it also supports faster settlement of deposits and withdrawals – an attractive aspect for DeFi developers.

Advancing Web3 infrastructure

The zkEVM also offers frictionless functionality with all smart contracts, wallets and developer tools, tapping into the same robust security that secure the Ethereum blockchain.

Polygon zkEVM also allows for developers to migrate decentralised applications (dApps) from EVM-compatible chains via a simple switch of nodes. They don’t have to change the code, tooling or smart contracts when they migrate from EVM-compatible to zkEVM.

The solution thus boasts the three main features that are crucial to the Web3 ecosystem – scalability, security and Ethereum-compatibility – which Polygon co-founder Mihailo Bjelic called the “holy grail of Web3 infrastructure.”

“Until now, it has not been practically possible to offer all these properties at once. Polygon zkEVM is a breakthrough technology that finally achieves that, thus opening a new chapter of mass adoption,” he commented.

The L2 solution supports seamless minting of NFTs, Web3 gaming and enterprise applications. In all these, developers get the benefits of higher throughput and low fees (Polygon believes its zk-rollups can cut fees seen on the Ethereum network by 90% and that a future off-chain feature could push the fees even lower).

The post Polygon announces zero-knowledge EVM rollups to boost Web3 infrastructure appeared first on CoinJournal.