Revolutionizing Blockchain Technology: NEBRA Raises $4.5 Million for Scalable ZKP Solutions
NEBRA, a UK-based crypto startup, has raised $4.5 million in funding from Pre-Seed and Seed investors led by Nascent and Bankless. The company’s mission is to enhance privacy and scale of blockchain technology using zero-knowledge proofs (ZKP). Notable angels such as Tim Beiko, Kartik Talwar, Nick White, Sandy Peng, and Haichen Shen also supported the funding round.
In addition to the funding round, NEBRA was selected to participate in the a16z Crypto Startup Accelerator as part of the CSX Spring 2024 cohort in London. The funds will be used to further research on the Shared Settlement Layer (SSL) of the internet with the aim of addressing the high cost of proof settlement on Ethereum and other blockchains by advancing ZKP technology.
Zero-knowledge proofs are a promising technology that can enable on-chain privacy for users across the blockchain ecosystem. However, these technologies can be expensive and collectively cost users in the Ethereum ecosystem over $50 million in gas fees. During a stress test in 2023, UPA, a tool developed by NEBRA, demonstrated impressive resilience by processing 1,000,000 proofs within 36 hours.
Dan Elitzer, co-founder of NEBRA, envisions the company’s mission as having a revolutionary impact on blockchain technology similar to that of Google and Uber in their respective sectors. He sees NEBRA as a pioneering platform that brings economy of scale to blockchain ZKP settlements and offers cost-effective and efficient solutions for users across the blockchain ecosystem.
Overall, NEBRA’s successful funding round marks an exciting milestone for this innovative crypto startup as they continue to explore new ways to enhance privacy and scalability on blockchain technology using zero-knowledge proofs.
