Crypto VCs Crown New Unicorn as Confidentiality Startup Zama Raises $57M at $1 Billion Valuation
Zama, an open-source cryptography startup, has raised $57 million in Series B funding, led by Pantera Capital and Blockchange Ventures, achieving a valuation over $1 billion and becoming the first advanced encryption company to reach unicorn status. Founded in 2020, Zama aims to enhance privacy on public blockchains while maintaining transparency. The funding coincides with the launch of its public testnet and a confidential blockchain protocol for encrypted smart contracts and decentralized applications, focusing on financial applications like payments. Zama plans to initially launch on Ethereum in July, with future integration into other Ethereum Virtual Machine-enabled blockchains and Solana by 2026. The protocol features "programmable confidentiality," allowing developers to control data decryption access. Zama's approach contrasts with privacy tools like coin mixers by keeping transaction visibility while hiding sensitive data. The advancements in confidentiality and performance are seen as crucial for the adoption of blockchain technology in global retail payments.
