ZKM raises $5 million ahead of Bitcoin-based Layer 2 launch

Ethereum scaling solution ZKM has raised $5 million in an early-stage funding round as it prepares to launch its Bitcoin-based Layer 2 network.

ZKM secured the investment in a Pre-Series A funding round led by OKX Ventures, with participation from Amber, Metis Foundation, Crypto.com and other firms, ZKM said Monday in a statement. ZKM is a zero-knowledge proof-based network that aims to unify blockchains, creating a settlement layer on Ethereum. As part of those efforts, ZKM is developing a network of special transaction processors called “entangled rollups,” starting with its soon-to-be-launched Layer 2 that the project says is built on the Bitcoin blockchain.

“ZKM should not be seen only as an Ethereum scaling project,” ZKM CEO Kevin Liu told The Block. “We aim to connect multiple blockchain ecosystems, enhancing scalability, security, and interoperability across the board.” The network, called “ZKM Bitcoin Layer 2,” aims to facilitate cross-chain transfers and other activities, offering native asset security and yield for traders. It will process bitcoin transfers from its own network to blockchains such as Ethereum, Cosmos, Ton and others, ZKM said.Disclaimer: The Block is an independent media outlet that delivers news, research, and data. As of November 2023, Foresight Ventures is a majority investor of The Block.

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