Cryptosat, a satellite encryption company, has completed a $3 million seed round financing, with participation from Protocol Labs and others

ChainCatcher news, according to financefeeds, the crypto satellite company Cryptosat has announced the completion of a $3 million seed round financing, led by its co-founders Yonatan Winetraub and Yan Michalevsky, with participation from Protocol Labs, Inflection, GoAhead Ventures, DoraHacks, and others.

In May of this year, SpaceX launched the first crypto satellite developed by Cryptosat into low Earth orbit. This satellite, named "Crypto1," is a coffee cup-sized module that provides a physically inaccessible and tamper-proof platform in space, from which blockchain and ledger applications can be launched. It is reported that the participating party Protocol Labs will also collaborate with Cryptosat to test time-based cryptographic technologies, such as space-hosted verifiable delay functions (VDF), among others. (Source link)