Citrea, a project directed towards Bitcoin-based zero-knowledge (ZK) rollups, has concluded a seed funding round worth $2.7 million conducted by Galaxy Ventures, Galaxy Digital’s venture segment, as stated by Cointelegraph.
According to Cointelegraph, the project stated that Chainway Labs, the blockchain infrastructure platform developing Citrea, would be able to lead Citrea to market through the funding. “Citrea is the first rollup that enhances the capabilities of Bitcoin blockspace with zero-knowledge technology, making it possible to build everything on Bitcoin,” the firm mentioned in a statement. Reportedly, the seed funding came to an end in 2023, which witnessed investments from Delphi Ventures, Eric Wall, co-founder, Taproot Wizards, Igor Barinov, founder, Blockscout, among others.
Based on Cointelegraph’s data, Citrea alleged that its ZK-rollup helps Bitcoin with “challenges in handling more transactions” and backs “diverse applications without changing its consensus rules.” “In doing so, Citrea leverages Bitcoin not only as a digital currency but also as a base layer for securing and settling transactions,” Citrea added.
Moreover, Cointelegraph noted that in a February 6, 2024, blog post, Citrea stated its intention about making Bitcoin “a base layer” for a landscape comprising non-fungible tokens (NFTs), blockchain games, and decentralised finance (DeFi) “without compromising Bitcoin security and changing its consensus rules.” Sources suggest that Citrea’s solution is in accordance with the Ethereum Virtual Machine (EVM), which “enables all the EVM developers to build on Bitcoin.”
(With insights from Cointelegraph)
