ZKM Secures $5 Million Pre-A Funding to Launch Innovative Bitcoin Layer 2 Network

On By Vaseline

SAN FRANCISCO, CA / ACCESSWIRE / May 7, 2024 / ZKM (zkm.io), a general-purpose zkVM that aims to unify the fragmented Web3 universe, announced in November 2023 the successful closing of a $5 million Pre-A funding round, led by OKX Ventures and joined by other prominent backers including Amber Group , P2 Ventures, Crypto.com, Leland Ventures, Pacific WaterDrip Digital Asset Fund, JSquare, Contribution Capital and Metis Foundation.

ZKM now announces the development of a unique innovative technology based on its zkVM and decentralized sequencers to extend Bitcoin; a Bitcoin L2 with native asset security and returns, offering a sustainable model that all BTC holders and miners can benefit from.

BTC holders can be whitelisted to contribute to decentralized sequencer nodes built on Bitcoin Layer 1, securing batch transactions on Layer 2 while earning transaction gas revenue and ZKM mining rewards.

The ZKM Bitcoin L2 will utilize a proof-of-stake decentralized sequencer architecture, giving Bitcoin holders the opportunity to earn sustainable BTC returns, while securing the Layer 2 network. The ZKM Bitcoin Layer 2 network will be the first demonstration of ZKM’s groundbreaking Entangled Rollup Network, which aims to connect and unify the liquidity of all blockchains. The key component of this network is our state-of-the-art zkVM, which ensures total security of all communications and asset transfers within the network, allowing Bitcoin to flow smoothly and securely to other ecosystems including Ethereum, Cosmos, Ton and many more. .

“We are excited to reach the development milestone for our universal zkVM,” said Kevin Liu, CEO and co-founder of ZKM. Launching a Bitcoin Layer 2 network will serve as an excellent proof of concept for what ZKM’s liquidity unification technology can do.”

With an ever-growing number of chains, liquidity is becoming increasingly fragmented, significantly hindering the fluid movement of value. zkVM integrated blockchains can work together seamlessly, allowing liquidity to flow frictionlessly between different ecosystems, creating truly unified native liquidity.

Furthermore, cross-chain bridging in its current form is woefully insecure. Blockchains typically function in silos, leaving users dependent on potentially insecure third-party bridges for interoperability. ZKM’s Entangled Rollup Network synchronizes states between blockchains, regardless of the differences between their underlying virtual machines, through recursive zero-knowledge proofs, completely bypassing the need for traditional bridging mechanisms and culminating in a vastly more secure user experience.

At this important point in its development process, ZKM is sponsoring the upcoming Bitcoin Asia conference in Hong Kong, the world’s largest and most attended Bitcoin event. This event offers Bitcoin miners and holders the opportunity to personally ask questions about the upcoming launch of ZKM Bitcoin Layer 2.

Bitcoin enthusiasts around the world, including some of the best and brightest builders, investors and innovators, will gather to discuss the present and future of Bitcoin. ZKM together with co-host ZetaChain are organizing an unmissable bash during Bitcoin Asia called “Bitcoin Dragonland Fest”, promising an unforgettable evening of fun, networking, dancing and atmosphere.

Bitcoin miners and holders looking to stake BTC, earn native yield, and secure the ZKM Layer 2 network are invited to the Bitcoin Dragonland Fest on May 8 by get tickets here. They can also email the ZKM team at (email protected).

The Bitcoin Asia Conference will take place in Hong Kong from May 9 to 10.

About ZKM

ZKM expands Bitcoin through its Entangled Rollup Network, which provides native asset security and sustainable yield. Its mission is to unify the fragmented Web3 universe through its zkVM, establishing ZKM as the Global Settlement Network for all blockchains. Through its innovative technology and a relentless pursuit of excellence, ZKM strives to create a seamless infrastructure that enables the frictionless transfer of value and data across multiple blockchain networks.

Contact:

Colin Landers
(email protected)

SOURCE: ZKM