zCloak Network Raised $5.8 Million in a Pre-Series A Round

In a ‘pre-Series A’ financing, zCloak Network, which delivers zero-knowledge proofs for public blockchains, raised $5.8 million. According to a press release, Coinbase Ventures showed considerable participation, even though there was no lead investor. Bixin Ventures, Matrixport Ventures, DFG, Sancus Ventures, KuCoin Ventures, Sanctor Capital, Hash Global, and Jump Capital were the investors who took part. The price tag was kept under wraps. The company bills itself as a provider of zero-knowledge proof-as-a-service for public blockchains. Zero-knowledge proofs are a cryptographic authentication mechanism in which one party can prove the veracity of specified information to another without giving further information. CEO Xiao Zhang said in the statement, “Verifiable computation in user devices will be a defining feature of Web 3.0. In contrast to the current paradigm of big data and cloud computing, zCloak enables users to perform computation and analysis of their data in their device, not in centralized servers,” Features With zCloak Product Users can establish that their identity has particular features, with the zCloak product, without sharing private data for usage in DeFi, identification, and biometric applications. The oracle service makes these proofs available in major public blockchains. The company intends to use the fresh capital to develop its collaborations with identity data providers, web3 applications, and block...