Coinbase Ventures Backs $10M ZkLink Raise Ahead of Mainnet Launch
ZkLink, an infrastructure layer that makes it easier to trade assets across blockchains, raised $10 million in a strategic funding round from a lineup of investors that included the venture capital arm of crypto exchange Coinbase (COIN). The fundraise will help drive zkLink towards its mainnet launch in the third quarter. Crypto venture capital funding rode the bull market of 2021 off a cliff as the bear market and post-scandal turbulence hit.
The race to launch zk-based technology has started to intensify. Polygon and Matter Labs announced in March the mainnet launch of dueling zk-EVM (Ethereum Virtual Machine) offerings within days of each other. For zkLink, the company will launch a community campaign called “Odyssey” and the “Dunkirk” asset withdrawal test ahead of its own mainnet launch. Still, infrastructure projects proved to be resilient, and noted venture capital firm Andreessen Horowitz highlighted the promise of zero-knowledge (zk) technology in its recent annual report on the crypto industry.
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