Miden, a new blockchain built for confidential transactions, announced on April 29, 2025, that it secured $25 million in a seed funding round.
The raise was co-led by a16z Crypto, Hack VC and 1kx, with participation from Finality Capital Partners, Symbolic Capital, and leading angel investors like Avery Ching of Aptos, Fortune reported.
Polygon Labs incubated Miden and will receive 10% of its future token supply instead of investing cash. The funds will fuel development ahead of Miden’s planned mainnet launch in the fourth quarter of 2025.
Equity and Token Warrants
Investors received equity in Miden as well as token warrants, promises for a share of the blockchain’s yet-to-be-issued cryptocurrency.
Miden’s cofounder Azeem Khan declined to share the company’s valuation but emphasised that the token warrants align investors with the project’s long-term success.
Polygon’s deal to secure future token rewards its community without reducing the fresh capital Miden needs now.
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Tackling the Blockchain Trilemma
Privacy blockchains often trade off speed or decentralisation to keep transactions confidential. Khan and his co-founder, Bobbin Threadbare, formerly an engineer on Meta’s crypto team, believe Miden overcomes this challenge.
By using zero-knowledge proofs, Miden can validate transactions without revealing details, while edge-device execution prevents the bottlenecks of traditional chains.
Threadbare said this design scales without supernodes and makes privacy a core feature rather than an add-on.
Zero-Knowledge Proof Advances
Zero-knowledge proofs let one party prove knowledge of a fact without disclosing the fact itself. Although creating these proofs can be resource-intensive, verifying them is quick and efficient.
Recent breakthroughs have cut the computational cost of proof generation, opening the door for privacy-centric blockchains that do not compromise performance.
Miden builds its architecture around these advances, aiming to serve institutions needing both confidentiality and speed.
Institutional Focus and Market Timing
Miden specifically targets businesses and organisations that must protect sensitive data onchain. Industries such as finance, healthcare and supply chain management could benefit from private smart contracts.
With growing regulatory attention on data privacy and compliance, Miden’s launch comes at a time when enterprises are actively seeking onchain solutions that meet strict confidentiality standards.
Backing and Incubation
Polygon Labs’ choice to incubate Miden underscores the project’s potential. Instead of a direct cash investment, Polygon secured future token distribution, betting on Miden’s long-term value.
This model aligns both ecosystems. Polygon’s token holders gain exposure to Miden, and Miden taps Polygon’s developer community and technical resources. Other backers bring deep crypto expertise and networks that will help Miden onboard institutional clients.
Roadmap and Future Plans
The $25 million seed round will accelerate hiring, protocol development and security audits. Miden expects to deploy testnets in late 2025 and move to the mainnet by year-end.
Its team plans to release developer tools and privacy-preserving smart contract libraries. Ongoing research into more efficient zero-knowledge circuits aims to further boost throughput and lower costs.
With strong financial backing and a clear roadmap, Miden is positioned to challenge existing privacy-first blockchains. By combining cutting-edge cryptography with a focus on decentralisation and performance, the project hopes to win institutional trust and shape the next wave of confidential onchain applications.
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