Miden Secures $25M Seed Funding Led by a16z, Hack VC, and 1kx for ZK-Rollup on Ethereum

Miden, a privacy-focused blockchain project, has successfully raised $25 million in a seed funding round. The round was led by Andreessen Horowitz's crypto arm, a16z, along with Hack VC and 1kx. Additional investors included Finality Capital Partners, Symbolic Capital, and several angel investors from the crypto industry.

Originally incubated by Polygon Labs, Miden has now spun out to become an independent entity. The project, which utilizes zero-knowledge proofs, aims to enhance blockchain scalability and user privacy. Miden is designed as a ZK-rollup on Ethereum, functioning as an edge blockchain where both state and execution are managed on the client side through client-side proving, allowing for both public and private transactions.

Polygon Labs, while not directly investing, has agreed to allocate approximately 10% of Miden's future tokens to Polygon token holders, indicating a strategic partnership between the two entities. Miden plans to expand its 17-person team and is preparing for its mainnet launch.

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