Fun

Cryptography startup Fabric raises $33M for new data privacy chip

News Feed - 2024-08-20 06:08:17

Ana Paula Pereira2 hours agoCryptography startup Fabric raises $33M for new data privacy chipBlockchain Capital and 1kx co-led the Series A round that will back the development of a new computing chip focused on data privacy.305 Total viewsListen to article 0:00NewsOwn this piece of crypto historyCollect this article as NFTCOINTELEGRAPH IN YOUR SOCIAL FEEDFollow ourSubscribe onFabric Cryptography, a Silicon Valley hardware startup, has closed a $33 million Series A funding round co-led by Blockchain Capital and 1kx to build new computing chips focusing on data privacy. 


The round also saw the participation of Offchain Labs, Polygon, and Matter Labs. The investment follows a $6 million seed round led by Metaplanet with participation from Inflection and Liquid2 Ventures, among other investors. 


According to an Aug. 19 announcement, the startup is developing a new cryptography processing unit called the Verifiable Processing Unit (VPU), a silicon chip that uses a cryptography-specific instruction set architecture. “This means that any cryptographic algorithm can be broken down into its mathematical building blocks that are natively accelerated and supported by the chip,” said the company. Source:Fabric Cryptography


The new chip is expected to go into production later this year and is planned to improve speed and cost running for cryptographic workloads when compared to central processing units (CPUs) and graphical processing units (GPUs). 


The startup is founded by former MIT and Stanford students Michael Gao, Tina Ju, and Sagar Reddy. 


“There exists a whole world of advanced cryptographic algorithms that go beyond protecting our data, and can actually begin to guarantee trust, if we can run them efficiently,” said Gao in a statement. He continued: “Billions of dollars have been poured into better AI chips of all kinds, but researchers and industry projects in cryptography have had to settle with CPUs or GPUs, which were never made for the kind of intensive math that advanced cryptography uses.”


Fabric has found a market fit for its hardware in the blockchain space amid the growing use of zero-knowledge proofs to improve privacy and security in onchain transactions. According to the startup, it has received “tens of millions of dollars in pre-orders for their VPUs” coming from the Web3 industry. 


The startup is also working on a software stack to make the technology accessible to software developers. 


“The VPU can be programmed to run virtually any cryptographic workload efficiently [...]. Unlike other fixed-function chips, which are common in cryptography, the VPU is future-proof — it can adapt to new cryptography algorithms as they are developed and productionized,” said Dr. Wei Dai, cryptographer and research partner at 1kx.

Magazine:5 dangers to beware when apeing into Solana memecoins# Blockchain# Business# Startups# CryptographyAdd reaction

News Feed

Does Hong Kong have issues with USDT and USDC? — Exec weighs in
Helen Partz12 hours agoDoes Hong Kong have issues with USDT and USDC? — Exec weighs inAs Hong Kong looks into creating Hong Kong dollar and US dollar stablecoins, a local industry executive addresses possible implicati
Brayden Lindrea6 hours agoSalvadoran pro-Bitcoin President Nayib Bukele launches reelection bidDespite Bukele’s popularity, some critics argue he isn’t eligible to be reelected under El Salvador’s constitution.2046
While Official Figures Claim Turkey’s Inflation Rate Is 85%, Third-Party Stats Say It’s Closer to 200%
While Official Figures Claim Turkey’s Inflation Rate Is 85%, Third-Party Stats Say It"s Closer to 200% Inflation has skyrocketed in Turkey as official figures from the Turkish St
Singapore’s Deputy Prime Minister Advises Retail Investors to Steer Clear of Cryptocurrencies
Singapore"s Deputy Prime Minister Advises Retail Investors to Steer Clear of Cryptocurrencies Singapore’s deputy prime minister has advised retail investors to steer clear o
Major Crypto ATM Operator Coin Cloud Files for Bankruptcy
Major Crypto ATM Operator Coin Cloud Files for Bankruptcy One of the largest cryptocurrency ATM operators, Coin Cloud, which claims to operate more than 5,000 crypto ATMs, has file
Bitcoin to Rise to $20K This Year Spurred by Government Money Printing and Covid-19: Bloomberg
Bitcoin to Rise to $20K This Year Spurred by Government Money Printing and Covid-19: BloombergBloomberg has forecast bitcoin to reach its record high of $20,000, and possibly $28,00
After the Terra LUNA Fallout, Bitcoin Dominance Climbs Higher While Ethereum’s Valuation Shrinks
After the Terra LUNA Fallout, Bitcoin Dominance Climbs Higher While Ethereum"s Valuation Shrinks Following the Terra LUNA and UST fallout, digital currency markets have dropped in
$25 Million Pledge From Ripple Set To Benefit Teachers And Students Across The US
Reason to trust Strict editorial policy that focuses on accuracy, relevance, and impartiality Created by industry experts and meticulously reviewed The highest standards in reporting and pu
Busta Rhymes Talks Cryptocurrencies, Rappers Asks Fans if He Should ‘Buy In’
Busta Rhymes Talks Cryptocurrencies, Rappers Asks Fans if He Should "Buy In" Trevor George Smith Jr., professionally as Busta Rhymes asked his 3.8 million follow
OpenAI’s Mira Murati is “not sure” where Sora’s training data comes from
Ana Paula Pereira3 hours agoOpenAI’s Mira Murati is “not sure” where Sora’s training data comes fromDuring an interview with The Wall Street Journal, Mira Murati offered vague responses when asked about the under
US Banking Crisis: Nigerian Banks Not Directly Exposed to SVB Says Central Bank Governor
US Banking Crisis: Nigerian Banks Not Directly Exposed to SVB Says Central Bank Governor A recent review of Nigerian banks’ bond portfolios showed that the institutions were
Technical Analysis: QNT, LUNA Lead Monday’s Crypto Rebound
Technical Analysis: QNT, LUNA Lead Monday"s Crypto Rebound Following a bearish start to the week, the crypto market rallied throughout the afternoon, with quant (QNT) and terra (LU