Odaily News: Cryptocurrency hardware manufacturer Fabric Cryptography announced the completion of a $6 million Pre-Seed funding round, with Metaplanet leading the investment and participation from Nil Foundation, Inflection, Novawulf, and Era.



Fabric Cryptography's co-founder and CEO, Michael Gao, refused to disclose the valuation of this funding round but revealed that they have already received a $50 million order for the chip they are currently designing and have signed a letter of intent for a transaction worth around $100 million with a potential buyer. (Fortune)



According to previous reports, ZK technology developer Nil Foundation is collaborating with encryption hardware producer Fabric Cryptography to establish a decentralized market for encryption and outsourced proof generation, with the ultimate goal of promoting faster, more scalable, more private, and interoperable zero-knowledge computations.