June 05, 2024
Nubit, a bitcoin scaling layer, recently concluded an $8 million seed funding round. The round was spearheaded by Polychain Capital, and other notable participants included Nomad Capital, Spartan Group, L2IV, Big Brain Holdings, GCR, Protagonist, Gate Ventures, Animoca, Mask Network, and additional investors.
Project | Latest Raise | Latest Raise Date | Stage | Total Raise | Lead Investor | Category |
|---|---|---|---|---|---|---|
Nubit | $8M | June 05, 2024 | Seed | $12M | Polychain Capital | Bitcoin |
With this funding, Nubit’s total raised capital now stands at $12 million. The primary objective is to create a highly secure and scalable data availability layer for multi-chain ecosystems, enabling diverse applications such as AI, SocialFi, and GameFi
About Nubit
Nubit, founded by Professor Feng, a computer science expert at the University of California, Santa Barbara, draws on a decade of research to advance blockchain scalability. Leveraging Bitcoin’s economic security, Nubit optimizes key metrics such as fraud detection, attestation security, and accessibility using Zero-Knowledge (ZK) technology. This approach ensures unparalleled trust and reliability while achieving scalability through a high-performance consensus algorithm and innovative data structures like the Kate-Zaverucha-Goldberg (KZG)-based Namespaced Merkle Tree.
While Bitcoin’s block space offers unmatched security, its limited capacity and high costs make it impractical. Nubit addresses this challenge by leveraging Bitcoin’s economic security to provide an innovative DA layer that ensures both security and scalability. It effectively bridges the gap between Bitcoin-native solutions and the broader multi-chain ecosystem.
Website: https://www.nubit.org/
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About Investor
Investor: Polychain Capital
Polychain Capital is an American investment firm based in San Francisco, California. Founded in 2016 by Olaf Carlson-Wee, the company focuses on investments related to cryptocurrency and blockchain technology. Polychain manages actively managed portfolios of blockchain-based digital assets, leveraging software to create, issue, and transmit these assets. Notable investors in Polychain include Andreessen Horowitz, Sequoia Capital, Union Square Ventures, and Founders Fund. The firm has invested in companies such as Coinbase, Kik Messenger, and Tezos. While they considered an initial public offering (IPO) in 2018, they ultimately decided not to proceed. Polychain’s assets fluctuated significantly due to market dynamics, but their focus remains on innovative projects within the crypto space.
Location: San Francisco
Website: https://polychain.capital/
A central focus of investor activity in the cryptocurrency space is the evaluation of new crypto projects to invest in, particularly those with huge potential. This blog provides insight into what new ventures are benefiting from venture capital support (VC funding in crypto). These new crypto projects, funded by professional investors, can dictate the next narrative in crypto and the next big crypto movers.
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