Webb Protocol is a web3 firm that offers a multi-chain privacy system for transferring assets across blockchain protocols while maintaining financial privacy. The firm has an aim to incentivize privacy creation through novel economic design and are built to grow to be the most decentralized privacy system possible. The firm is on a mission to scale privacy for everyone in a manner that covers all assets, data and locations therefore, spearheading a new privacy standard on cross-chain applications through its private bridge protocol. The firm’s infrastructure is interoperable across other blockchain infrastructure and with it, the company aims to serve users across the entire blockchain ecosystem.
Webb Protocol has recently announced the closure of a seed funding round that yielded $7 million. The financing round was co-led by Polychain Capital and Lemniscap. Other investors that backed the round include Zee Prime Capital and CMS Holdings among others. The proceeds of the funding round will be used to grow Webb Protocol’s workforce, accelerate the development of innovative privacy tools and protocols while creating the most privacy-centric and streamlined user experience possible.
The firm’s infrastructure is based on Zero-Knowledge and MPC(Multi-Party Computations) solutions. The demand on privacy-based transactions has been on the rise considering the frequency at which assets are being transferred across various chains. With such transactions on the rise, the risk of data privacy being undermined through different attack vectors is quite significant. The firm is establishing a strong global presence with offices in New York, Tel-Aviv, Cairo and Miami. Additionally, the firm has plans to extend its international growth in another phase.
The firm also has plans to expand its offerings to include a Zero-Knowledge based cross-chain messaging system with complete property testing for data stored in the system. The firm’s infrastructure also enables shared anonymity pooling for assets on any WASM compatible chain.
According to Drew Stone, the founder and CEO of Webb Protocol, the firm wants to maximize the multi-chain ecosystem experience while upholding the highest standard of privacy. He also thanked the investors for supporting their vision to spearhead a best-in-class decentralized anonymity protocol for web3 assets.
