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Nil Foundation

Last updated: Feb 14, 2023

The Nil Foundation, launched in 2018, will use the funds from the fundraise to boost the development of its zero-knowledge (ZK) Proof Market protocol, according to details shared via a press release on Thursday. Per the company, the funding will go into building solutions aimed at improving the security and scalability of Ethereum, other L1 blockchains and L2s.

Venture Round: $22M

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Overview

Project industry	Blockchain Infrastructure / Ethereum Ecosystem
Product type	Organization
Founded	Cyprus

What is Nil Foundation

A Proof Market will help provide industry players with a trustless and seamless protocol for sharing zk-proofs without having to rely on centralised intermediaries, the nil; Foundation noted in the announcement.

According to the Nil Foundation team, the market already has state proofs for Solana and Mina, while the same should be available on more blockchains soon. Industry players can now use the generated proofs to secure data exchange across Ethereum.

But a fully-fledged Proof Market will work as a zk-proof marketplace, allowing for further accessibility to proofs as blockchains eye more security and scalability.