TLDR:
- Bitcoin scaling protocol QED raises $6 million in a seed funding round from Blockchain Capital, valuing the company at least $100 million.
- QED focuses on zero-knowledge proof verification technology to enable decentralized exchanges, DeFi, and other applications on Bitcoin.
QED, a Bitcoin scaling protocol, has closed a $6 million seed funding round led by Blockchain Capital, bringing the company’s valuation to at least $100 million. Founded by Carter Feldman, QED aims to revolutionize the use of zero-knowledge proof technology on the Bitcoin blockchain. The round, which included a simple agreement for future equity (SAFE) plus token warrants, follows previous funding rounds totaling $10.6 million from notable investors.
QED’s technology allows for over 150,000 transactions per second and is compatible with Bitcoin Core and Taproot upgrades. The protocol plans to launch a testnet in the next few months, followed by a mainnet release and a native token launch. QED believes its competitors to be Ethereum and Ethereum Layer 2 networks, as they offer alternative security models attractive to builders and users.
Headquartered in Hong Kong, QED plans to expand its presence with a new U.S. office and is actively recruiting marketing and engineering talent. The company’s vision is to create a thriving ecosystem of web3 applications, including order book exchanges and gaming platforms, using its hyper-scalable protocol. With support from Blockchain Capital and other investors, QED is poised to make a significant impact in the decentralized finance space.
