Pantera and Blockchange lead Zama's financing, with a valuation of $1 billion.

Gate News bot news, the privacy-focused Zama Confidential Blockchain Protocol has completed a $57 million Series B funding round, with a valuation exceeding $1 billion. This round of financing was led by Pantera Capital and Blockchange, just before Zama announced that it would launch its Testnet on July 1.

Zama is a cross-chain privacy layer that allows "secure smart contracts" to be deployed on existing Blockchains without exposing data, not even to the operating nodes. The protocol utilizes FHE as well as lightweight MPC and ZK to maximize privacy protection.

Zama currently processes about 20 transactions per second, but it is expected to expand to over 10,000 transactions per second using dedicated accelerator chips. The protocol supports Solidity and Python programming and plans to expand from the EVM ecosystem to Solana.

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