StarkWare, which commercializes the STARK zero-knowledge proof system product for privacy blockchains, recently closed a $30 million Series A round led by Paradigm, with participation from Coinbase Ventures and several other firms.
— StarkWare Industries (@StarkWareLtd) October 29, 2018
According to the company’s website, StarkWare is developing both hardware and software solutions that leverage Zk-starks for data compression and zero-knowledge proofs for keeping information private. The company ultimately aims to allow public blockchain networks to add this privacy functionality to their own networks.
“We’ve assembled a world-class team of experts in zero-knowledge proof systems and engineering, to solve two of the main challenges in the blockchain space: privacy and scalability,” said StarkWare in the funding announcement done previously.
Coinbase Ventures has steadily ramped up its investment frequency in 2018. Notably, one of its portfolio companies, Compound, recently launched its platform that allows individuals and institutions to earn interest on their crypto by lending it to traders looking to take out short positions.
In addition to Coinbase and Paradigm, Intel Capital, Sequoia, Atomico, Consensys and Multicoin Capital as well participated in the round.