QED Raises $6 Million Seed Round Led by Blockchain Capital

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As an analyst with a background in blockchain technology and experience in following the latest developments in the crypto industry, I’m excited about the recent $6 million seed funding round secured by QED Protocol. Led by Blockchain Capital, this investment indicates strong interest from the investor community in QED’s potential to improve Bitcoin scalability using zero-knowledge proof verification technology.

Bitcoin scaling solution QED raised $6 million in seed financing during the march-April timeframe, entirely from Blockchain Capital’s investment.

QED Protocol, which specializes in Bitcoin scaling through zero-knowledge proof verification technology, spearheaded a $6M Seed funding round.

— Blockchain Capital (@blockchaincap) July 3, 2024

In QED’s initial funding round, investors employed token warrants and a Simple Agreement for Future Equity (SAFE) instead of traditional priced securities. This setup underscores the strong investor demand for QED’s capability to enhance Bitcoin’s scalability.

As a crypto investor, I can tell you that Carter Feldman, the founder of QED, announced that our company’s valuation had surpassed the nine-figure mark, which is equal to at least $100 million. However, he chose not to disclose the precise figure.

After the seed funding round, QED successfully secured a total of $10.6 million in investments. Previously, they had raised $1.35 million during an angel investment round, which was spearheaded by Sparkle Ventures, with backing from Animoca Brands among others. Additionally, they obtained $3.25 million in pre-seed funding, provided by Arrington Capital, StarkWare, Draper Dragon, and other undisclosed investors.

QED aims to enhance the scalability and privacy of ecosystems, with a particular emphasis on creating zero-knowledge proof verification techniques tailored for Bitcoin Core. By doing so, QED’s technology opens up possibilities for the development of scalable Web3 applications, decentralized finance platforms, and exchanges that can benefit from its streamlined transaction processing capabilities.

Approximately 150,000 transactions are reportedly handled each second through the QED protocol. The objective is to create an expansive network of “hyper-scalable” web3 applications, encompassing large-scale gaming platforms and order book exchanges, among other possibilities.

Feldman expressed that unlike other Bitcoin scaling methods which depend on a less appealing “rely on us and our group” multi-signature security solution, QED considers these approaches as non-contenders instead. Conversely, QED perceives Ethereum and its Layer 2 networks as its major adversaries due to their broad acceptance in terms of security strategy among users and developers.

Feldman revealed that QED would initiate the development of a test network within the next 3-4 months based on community agreement. Subsequently, the main network would be launched following this experimental phase.

As a crypto investor, I’m excited about QED’s upcoming milestone – the deployment of their mainnet. Not only will this mark the official launch of their decentralized platform, but it also signifies the introduction of their native token. This coin is crucial for my reasons: it serves as an incentive to encourage proof miners to operate high-performance and reliable infrastructure within the QED ecosystem. In simpler terms, the token acts as a motivator to ensure the network runs smoothly and effectively.

Headquartered in Hong Kong, QED boasts a team of over thirty employees in the Greater Bay Area. In line with its growth strategy, the company intends to establish its initial US office, presumably in Texas. To support this expansion and advancement, open positions are currently available for engineering and marketing professionals.

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2024-07-03 21:09