Revolutionizing Blockchain: NEBRA Raises $4.5 Million for Privacy and Scalability Enhancements

English crypto startup NEBRA has successfully raised $4.5 million in funding from Pre-Seed and Seed investments led by Nascent and Bankless. The company focuses on research and development of strategies to enhance privacy and scaling of blockchain technology using zero-knowledge proofs. Notable angels, including Tim Beiko, Kartik Talwar, Nick White, Sandy Peng, and Haichen Shen, also provided support.

NEBRA has been selected to participate in the a16z Crypto Startup Accelerator as part of the CSX Spring 2024 cohort in London. The newly raised funds will be used for further research on the Shared Settlement Layer (SSL) of the internet, aiming to address the high cost of proof settlement on Ethereum and other blockchains by advancing ZKP technology.

Zero-knowledge proofs offer the potential for on-chain privacy, which is crucial for the scalability of blockchains. However, these technologies can be expensive, collectively costing users in the Ethereum ecosystem over $50 million in gas fees during a stress test in 2023. UPA, a tool developed by NEBRA, demonstrated impressive resilience by processing 1,000,000 proofs within 36 hours during that stress test.

Dan Elitzer, co-founder of NEBRA, envisions his company as a pioneering platform that brings economy of scale to blockchain ZKP settlements. He sees NEBRA as offering cost-effective and efficient solutions for users across the blockchain ecosystem. According to Elitzer, NEBRA’s mission is comparable to the revolutionary impact of Google and Uber in their respective sectors.

In summary, NEBRA’s successful funding round will enable it to continue its research and development efforts aimed at improving privacy and scalability in blockchain technology using zero-knowledge proofs. With support from notable investors like Nascent and Bankless as well as prominent angels like Tim Beiko and Kartik Talwar among others, this startup has positioned itself at the forefront of innovation in this rapidly growing industry.