Citrea, a project aimed at integrating ZK (Zero Knowledge) rollups into Bitcoin, has closed a $2.7 million fundraising round led by Galaxy Ventures, the venture capital arm of Galaxy Digital. Citrea aims to solve some of the Bitcoin blockchain’s scalability challenges, while extending its capabilities without changing its consensus rules. Citrea is the first rollup to enhance the functionality of Bitcoin’s storage space with ZK technology, enabling a variety of applications to be developed without altering the Bitcoin blockchain’s consensus rules.
Financing Innovation
Citrea has already raised $2.7 million in crowdfunding, and has a 12-strong development team, led by Chainway Labs, a company specializing in the design and development of blockchain solutions. Citrea is scheduled to begin testing and validating final functionalities during March 2024.
A Step Towards Improvement
Citrea’s ZK-Rollup will solve Bitcoin’s scalability challenges while maintaining the security and integrity of the Bitcoin blockchain. ZK rollups are concepts that have been more commonly associated with Ethereum thanks to Layer 2 blockchains such as Polygon and zkSync. ZK rollups aim to be more efficient and less costly by aggregating Layer 2 transactions and securing them using a cryptographic protocol called ZK-proofs to prove that they took place on the core blockchain without disclosing details of how they were carried out.
Conclusion
In conclusion, Citrea is an ambitious project that aims to enhance the functionalities of the Bitcoin blockchain using ZK-Rollup technology. This $2.7 million round of funding will enable Citrea to continue its development and bring its solution to market.
