Bitcoin scaling protocol QED has successfully raised $6 million in a seed funding round led by Blockchain Capital. The funding round, which began in March and concluded in April, utilized token warrants and a Simple Agreement for Future Equity (SAFE). QED’s valuation following this round has been pegged at “nine figures,” indicating a minimum valuation of $100 million, although specific figures were not disclosed.
Founder Carter Feldman highlighted QED’s focus on enhancing Bitcoin’s scalability and privacy through zero-knowledge proof verification technologies tailored for Bitcoin Core. The protocol aims to support scalable Web3 applications, decentralized finance (DeFi) systems, and decentralized exchanges (DEXs) by optimizing transaction processing efficiency.
QED has raised a total of $10.6 million in funding, including $1.35 million from an angel round led by Sparkle Ventures and $3.25 million in pre-seed capital from investors like Arrington Capital, StarkWare, and Draper Dragon.
The protocol boasts a transaction processing capacity of over 150,000 transactions per second, positioning it as a contender in the realm of hyper-scalable Web3 applications. Feldman noted that while QED does not view other Bitcoin scaling methods as direct competitors, it sees Ethereum and its Layer 2 networks as primary rivals due to their widespread adoption of security strategies.
Looking ahead, QED plans to launch a testnet within the next 3-4 months, followed by a mainnet launch contingent on community consensus. Concurrently, the project intends to introduce its native token to incentivize proof miners in maintaining high-performance infrastructure within the QED ecosystem.
Headquartered in Hong Kong, QED is expanding its operations, with plans to establish its first U.S. office, likely in Texas. The project is actively recruiting for engineering and marketing positions to support its growth and development initiatives.