Miden, a privacy-focused blockchain developed by former Meta engineers, has completed a $25 million funding round led by Andreessen Horowitz's (a16z) crypto investment division, with participation from Hack VC and 1kx. The information was cited from Fortune magazine via Foresight News.
In addition to major funds, the funding round also included Finality Capital Partners, Symbolic Capital, and several prominent angel investors in the cryptocurrency field, including Avery Ching – co-founder of Aptos blockchain. The investment was made in the form of equity contribution and token option rights – a commitment to future token distribution.
Miden is currently being incubated by Polygon Labs – a well-known entity in the blockchain industry. Although Polygon Labs did not directly participate in this funding round, it has reached an agreement with Miden to distribute approximately 10% of Miden's future cryptocurrency to Polygon token holders. However, Miden's co-founder, Azeem Khan, declined to disclose the current valuation of the company.
The Miden project is attracting strong attention due to its goal of building a highly secure blockchain focused on privacy and scalability – factors that are becoming increasingly important in the context of Web3 technology and decentralized finance (DeFi). With support from top investment funds and strategic collaboration with Polygon Labs, Miden is expected to play a crucial role in the next wave of blockchain ecosystem innovation.
