Modular blockchain developer Inco completes US$4.5 million in financing and launches first testnet

2024-02-21 22:03:02BlockBeatsShare to:

According to BlockBeats news, on February 21, Inco, a modular blockchain developer focusing on privacy protection, announced that it had successfully raised US$4.5 million in seed round financing and launched its first test network Gentry. This round of financing was led by cryptocurrency-focused venture capital firm 1kx, with participation from Circle Ventures, GSR, Polygon Ventures, Robot Ventures, Alliance DAO, zkSync developer Matter Labs, and others. Inco founder Remi Gai said that this round of financing adopted the structure of Simple Agreement for Future Equity (SAFE) plus token warrants, but declined to disclose the valuation. Inco was founded last August to bring privacy protection to decentralized applications. It can be compared to modular blockchain projects such as Celestia and Lava, which focus on data availability and data access respectively, while Inco focuses on privacy protection. Inco utilizes fully homomorphic encryption technology to maintain the confidentiality of data on the chain while being auditable. Inco plans to release its second testnet Paillier between the second and third quarters of this year, and the mainnet is expected to launch in the fourth quarter.

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