Cryptographic chip company Fabric Cryptography completes $6 million financing, led by Metaplanet

ChainCatcher news, according to Fortune magazine, the crypto chip company Fabric Cryptography announced the completion of a $6 million Pre-Seed funding round, led by Metaplanet, with participation from Nil Foundation, Inflection, Novawulf, and Era. The company's co-founder and CEO Michael Gao declined to provide valuation information for this funding round, only revealing that the chips they are designing have already received an order worth $50 million and signed a letter of intent for a deal worth approximately $100 million with a potential buyer.

It is reported that Fabric Cryptography is a startup focused on developing hardware for advanced cryptographic algorithms, particularly dedicated computer chips for zero-knowledge proof technology. Last week, Fabric Cryptography also reached a collaboration with ZK technology developer Nil Foundation to launch a decentralized marketplace for cryptographic and outsourced proof generation.