Developments in the blockchain field continue to make headlines. Accordingly, zero-knowledge cryptography firm Nexus Labs raised $25 million in a Series A funding round co-led by Lightspeed Venture Partners and Pantera Capital to scale its project. The team announced in a blog post on June 10 that the funding round also attracted interest from participants like Dragonfly, Faction, and Blockchain Builders Fund.
Significant Step from Nexus Labs Team
Nexus Labs had previously completed a $2 million seed round led by Dragonfly in late 2022. The team plans to use the new funding to accelerate the open-source development of Nexus 1.0 and expand its engineering team.
Nexus aims to enable verifiable computation in applications through cryptography and zero-knowledge proofs. According to the team, Nexus 1.0 zkVM is a modular zkVM solution written in Rust, focusing on performance and security. The zero-knowledge-focused solution will offload a significant portion of computational work to dapps. Here, ZK proofs allow for the quick compression and verification of computations. The team shared the following statement on the matter:
“We aim to scale the Nexus machine to 1 trillion Hertz computing capacity and will use this fund to accelerate our collaboration with teams in the zero-knowledge industry to increase computing capacity.”
What’s Happening in the Blockchain Field?
Interest in the crypto space continues to grow, especially after the introduction of Bitcoin ETF funds to the market. While institutional investors‘ investments in this area continue to draw attention, investment moves in blockchain-focused companies are also gaining momentum.
The most important factor increasing the interest of Web3 users is the airdrop events conducted by companies receiving investments in blockchain solutions. This process has led to significant increases in user numbers in ecosystems like Solana and Avax, which also results in rising token prices. Crypto investors’ interest in how much investment a project has received before taking a step further increases the importance of crypto-focused venture capital companies.
