Mina Protocol, a blockchain protocol built on the Zero knowledge proofs technology, has secured $92 million in a funding round co-led by FTX Ventures and Three Arrows Capital. The company said in a blog announcement other investors, including Amber Group, Blockchain.com, Brevan Howard, Circle Ventures, and others also participated.
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Mina Protocol positions itself as the "world's lightest blockchain." Using zero knowledge technology, the Mina blockchain weighs about 22 kb, which makes it the lightest blockchain on the market. Evan Shapiro, Mina Foundation CEO, says that the funding will help the project to ensure that it becomes the "go-to privacy and end-to-end security layer for Web3 while remaining powered by participants."
The funds from the funding will be used to accelerate Mina's adoption within Web3 by attracting world-class developers, Mina said in the announcement. Shortly after the news broke, the price of the MINA token jumped by 5% up to $2.14. The token's market capitalization increased to $903 million.
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