Bitcoin scaling protocol QED raises $6 million seed round at '9-figure' valuation

QED began raising funds for the round in March and closed it in April, founder Carter Feldman told The Block. The round was structured as a simple agreement for future equity plus token warrants, Feldman said, adding that it brought QED's valuation to "nine figures," meaning at least $100 million. He declined to provide a specific figure.

"We have the world's best ZK tech," Feldman claimed. "QED enables you to build things that simply weren't possible before on Bitcoin, like decentralized exchanges, DeFi and other applications that would benefit from the security and decentralization of Bitcoin." The QED protocol claims to process over 150,000 transactions per second. It aims to create an ecosystem of "hyper-scalable" web3 applications such as order book exchanges and web2-scale gaming and other applications.

Feldman said QED doesn't see other Bitcoin scaling protocols as its competitors, saying they are protected only by a "trust me and my friends" multi-sig security model that users find unappealing. He added that QED sees Ethereum and Ethereum Layer 2 networks as its core competitors, as they have "a competing security model that has proved very compelling for a lot of builders and users.

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