Zama completed a $57 million Series B financing and launched a confidential smart contracts protocol.

Gate News bot news, according to a statement released on Wednesday, privacy-focused infrastructure company Zama raised $57 million in Series B funding, valuing the company at over $1 billion. This funding occurs just days before the launch of the Zama confidential Blockchain protocol Testnet, expected on July 1.

This round of financing was co-led by Pantera Capital and Blockchange, with several strategic investors focusing on privacy technology, Blockchain infrastructure, and artificial intelligence applications participating.

The purpose of Zama's establishment is to bring advanced cryptography to Web3. It is building what is said to be the most suitable for developers, fastest, and most secure Fully Homomorphic Encryption (FHE) solution—a technology that allows computations on encrypted data without revealing the underlying information.

Unlike traditional blockchains, the new Zama confidential blockchain protocol is not a chain itself. Instead, it acts as a cross-chain confidentiality layer, integrating with existing blockchains to enable confidential smart contracts.

"Today, we are launching our most ambitious product to date," said co-founder Rand Hindi in an article on X, "We are enabling confidential smart contracts on top of the existing Blockchain."

Zama's crypto stack has obtained licenses from dozens of companies in the Blockchain and artificial intelligence sectors.

With the completion of the Series B financing and the upcoming launch of the Testnet, Zama is positioning itself as a key player in the growing demand for on-chain privacy solutions. As Blockchain expands into enterprise, DeFi, and AI sectors, privacy protection technologies like Zama are likely to become the foundational layer of the next generation of infrastructure.