Modular blockchain developer Inco completes $4.5 million financing, led by 1kx

2024-02-21 22:07:46

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ChainCatcher news, the privacy-focused modular blockchain developer Inco announced the completion of a $4.5 million seed round financing and the launch of its first testnet, Gentry. This round of financing was led by 1kx, with participation from Circle Ventures, GSR, Polygon Ventures, Robot Ventures, Alliance DAO, and zkSync developer Matter Labs.

Inco founder Remi Gai stated that this round of financing adopted a structure of Simple Agreement for Future Equity (SAFE) plus token warrants, but declined to disclose the valuation. Inco was established last August with the aim of bringing 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 on-chain data while being auditable. Inco plans to release its second testnet, Paillier, between the second and third quarters of this year, with the mainnet expected to launch in the fourth quarter.

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Inco 1kx Investment and Financing

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