Miden Spin-Off from Polygon Raises $25 Million for Development
Miden, a protocol focused on privacy and rapid transaction speeds for institutions, has raised $25 million in a seed round following its spin-off from Polygon.
- Funding will support Miden’s roadmap, including ecosystem expansion and developer tools.
- The round was led by a16z crypto, 1kx, and Hack VC, with additional participation from several investors.
- Miden uses zero-knowledge technology to ensure transaction confidentiality for large payments.
- Institutions require privacy solutions that comply with regulations without sacrificing performance.
- The main network launch is expected by the end of the year, allowing institutions to choose between public or private transactions.
- Miden was originally incubated in Polygon in 2021 as a different scaling solution.
- The total value locked in Polygon has decreased significantly since Miden’s launch, dropping from $4.4 billion to $864 million.
- Polygon Labs founder Sandeep Nailwal described Miden as a blueprint for future blockchain architecture.