Announcing Our $2.7M Seed Round To Launch Bitcoin’s First ZK Rollup
Summary
Citrea is the first rollup that enhances the capabilities of Bitcoin blockspace with zero-knowledge technology, making it possible to build everything on Bitcoin. Citreas vision is to build scalable infrastructure that advances Bitcoin into its next phase, foundation for worlds finance.Were proud to announce that Chainway Labs, the company building Citrea, has raised $2.7 million in seed funding to develop Bitcoins First ZK Rollup. The round closed in 2023 and was led by Galaxy, with participation from investors including Delphi Ventures, Eric Wall, Anurag Arjun, BatuX, Igor Barinov, and James Parillo, among others.Citrea introduces a zero-knowledge powered rollup solution to address Bitcoins challenges in handling more transactions and supporting diverse applications without changing its consensus rules. Existing scalability proposals have consistently failed to meet the increasing demand for inclusion in the Bitcoin blockspace. Our approach to Bitcoin scalability focuses on the active and effective utilization of the Bitcoin blockchain itself, ensuring broader and more sustainable participation within the Bitcoin Network.This funding round will enable Chainway Labs to bring Citrea to the market.