Miden, a protocol specializing in privacy and rapid transaction speeds for large institutions, has spun out from Polygon and secured $25 million in a seed funding round. This capital will facilitate the development of Miden’s roadmap, which emphasizes ecosystem expansion and developer tools.
Key Points:
- Miden focuses on providing fast, private transactions tailored for institutional needs.
- The funding was led by a16z crypto, 1kx, and Hack VC, with additional investors including Finality Capital Partners, Symbolic Capital, P2 Ventures, Delta Fund, and MH Ventures.
Miden employs zero-knowledge technology to ensure transaction confidentiality for institutions executing substantial payment batches. Azeem Khan noted, “It’s crucial for companies like Apple to maintain confidentiality during supplier payments to avoid misunderstandings affecting stock prices.”
Khan indicated that institutions are seeking privacy solutions that adhere to regulations without sacrificing performance or decentralization.
Miden plans to launch its main network by the year’s end, allowing clients to choose between public or private transaction execution while leveraging the network for speed and privacy.
Bobbin Threadbare commented on Miden’s unique architecture, stating, “Creating such functionality within Ethereum or Solana would be unfeasible.”
Originally conceived within Polygon in 2021, Miden was intended as an alternative scaling solution, but the spin-off aligns with Polygon’s strategic refocusing. Miden’s development is critical, especially with the total value locked in Polygon networks decreasing significantly recently.
Sandeep Nailwal proclaimed, “Miden represents the future of blockchain technology, embodying edge execution principles that redefine the blockchain structure.”
