Miden, a protocol that specializes in privacy and rapid transaction rates for large institutions, spins out of polygon and has collected $ 25 million in a round of seeds.

The financing will be used to develop MIDEN’s roadmap, including ecosystem expansion and developer tool.

This round was led by A16Z Crypto, 1KX and Hack VC, with the participation of the Final Capital Partners, Symbolic Capital, P2 Ventures, Delta Fund and MH Ventures.

Miden’s design, which uses zero-knowledge technology, is intended for large institutions that need transaction confidentiality when performing large payment presses. For example, the protocol could be used for “Every time Apple needed to pay a supplier, and people started rooting with their public stock price due to a misunderstanding of what is going on [on-chain]”Said Azeem Khan, a co -founder of the mite, in an interview with Coindesk.

Khan shared that many of these major institutions and investors tell the Miden team that they need a kind of privacy solution that is in line with regulation, but also does not compromise on performance and decentralization.

So the mide, which was to launch its main network at the end of the year, works by allowing institutions and applications to choose whether they want to implement transactions in a public or private way on scale, and rely on the network for fast speeds and privacy.

“It’s very different from most other blockchains at a technical level, and it had to be different because of the type of use case and functionality we want to activate,” Bobbin Threadbar, another co -founder of the mite, told Coindesk. “I don’t think anything like this is possible to build on top of Ethereum or Solana.”

The mite was incubated in polygon by 2021 and was originally to be another type of scaling solution for the ecosystem. Spin-off comes when Polygon changed to focus his efforts on its agglayer, and since the total value locked for the protocol has dropped significantly since Miden’s launch. Currently, $ 864 million has locked in polygon networks, dropped approx. 80% from the day the mide was announced at $ 4.4 billion, according to Defillama data.

“The mite is what the future of blockchains looks like,” the Sandeep Nailwal, the founder of Polygon Labs, said in a press release shared with Coindesk. “With edge execution in the core, it’s not just an upgrade – that’s the plan for the final form of blockchain architecture.”

Read more: Polygon starts the aggregator program, successful projects will air drop up to 15% native token to pole stakers