PANews reported on July 3 that according to The Block, the Bitcoin expansion protocol QED has completed a $6 million seed round of financing exclusively invested by Blockchain Capital, bringing its valuation to "nine figures" (at least $100 million). QED uses zero-knowledge proof technology and Taproot upgrades to process more than 150,000 transactions per second, with the goal of building applications such as decentralized exchanges and DeFi. The testnet is expected to be launched within 3-4 months, and the mainnet and native tokens will be released after the community reaches a consensus.
QED is headquartered in Hong Kong and plans to open its first office in Texas, USA. This seed round brings QED’s total funding to $10.6 million. Previously, the company received $3.25 million in pre-seed funding from Arrington Capital, StarkWare, Draper Dragon and other companies, and $1.35 million in angel round funding from Sparkle Ventures, which is backed by Animoca Brands, and other companies.
