English crypto startup NEBRA has closed its $4.5M raise in a combined Pre-Seed/Seed Round Led by Nascent and Bankless.
NEBRA, a research and development organisation that homes in on strategies for the privacy and scaling of blockchain technology through zero-knowledge proofs, was also supported by angels such as Tim Beiko from Ethereum Foundation, Kartik Talwar from ETHGlobal, Nick White from Celestia, Sandy Peng and Haichen Shen from Scroll.
NEBRA has also received funding from a16z Crypto Startup Accelerator as a participant in the CSX Spring 2024 cohort in London.
The funds will be used for further research into the Shared Settlement Layer (SSL) of the new internet, tackling the high cost of proof settlement on Ethereum and other blockchains by advancing ZKP technology.
Zero-knowledge proofs hold promise for on-chain privacy, which will be key for blokchains to scale. But these technologies often prove prohibitively expensive, collectively costing Ethereum ecosystem users over $50 million in gas fees.
During a rigorous 2023 stress test, UPA demonstrated remarkable resilience, processing 1,000,000 proofs within 36 hours – a throughput of 10 proofs per second with an average verification latency of around 2 minutes.
"Just as Google revolutionized information access by aggregating internet data, and Uber transformed urban mobility by aggregating transportation resources, NEBRA is pioneering a new approach to bring economy of scale in blockchain ZKP settlements," said Dan Elitzer, co-founder.
"NEBRA is establishing itself as the go-to platform for those seeking cheaper, more efficient ZKP settlement solutions across the blockchain ecosystem."
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