ZK Rollup’s INTMAX raises about 650 million yen

Ryodan Systems AG, which handles the ZK (zero-knowledge proof) rollup project “INTMAX”, announced on April 13 that it had completed a seed round of approximately 650 million yen in funding.

ZK Rollup (zkRollup) is attracting attention as a method that leverages zero-knowledge proofs among various layer 2 scaling solutions for the Ethereum blockchain. INTMAX’s zkRollup is said to have specifications that make it possible to achieve both near-zero gas costs (transaction fees) and data sovereignty, which had been considered impossible until now.

In addition, the current Ethereum blockchain has a number limit of only about 100,000 users per day, and the problem of skyrocketing gas prices. The release states that it will realize the original form of blockchain, which is “to give power”.

In addition to a wide range of VCs, from HashKey Capital, Bitscale Capital, B Dash Ventures, etc., which have supported blockchain since the dawn to Japanese VCs, as an angel investor, Ethereum cryptography researcher Justin Drake ), Gitcoin founder Scott Moore, and former Coinbase CTO and angel investor Balaji Srinivasan.

Reona Hioki, CEO of Ryodan Systems AG, said, “In the midst of a lot of anxiety in the world’s harsh economic environment, there are people who have a deep understanding of the mechanism of Ethereum Layer 2 and stateless cryptography, and who are willing to take on challenges together. I am very happy that there are many in Japan,” he commented.

INTMAX will start trial operation on Ethereum mainnet in the second quarter of 2023. The INTMAX mainnet is scheduled to go live in the fourth quarter of 2023.

｜Editing: Takayuki Masuda
｜Image: From the release

The post ZK Rollup’s INTMAX raises about 650 million yen appeared first on Our Bitcoin News.