PANews reported on June 26 that according to The Block, Zama, a confidential blockchain protocol focused on privacy, announced the completion of a $57 million Series B financing round, with a valuation of over $1 billion, led by Pantera Capital and Blockchange. The protocol will launch a testnet on July 1.

Zama provides developers with a cross-chain privacy solution through fully homomorphic encryption (FHE) technology, supporting the deployment of "confidential smart contracts" on existing blockchains. The protocol currently supports 20 transactions per second, and plans to increase it to more than 10,000 transactions per second on a single chain through dedicated hardware accelerators. The project also uses multi-party computing (MPC) and zero-knowledge proof (ZKP) technology, initially compatible with the Ethereum virtual machine, and will be expanded to the Solana ecosystem in the future.