BitVM creator Citrea receives funding from Galaxy Ventures

Citrea, the zero-knowledge rollup project, has faced criticism for its marketing tactics. Robin Linus, the creator of the BitVM whitepaper, accused Citrea of making exaggerated claims and misleading statements in its promotional materials. He expressed concerns about the project’s association with BitVM, suggesting that it was used to attract investors and attention. Orkun Kılıç, co-founder of Chainway Labs, defended Citrea, stating that their marketing accurately represents their developments and expertise in zero-knowledge technology. Citrea aims to enhance the Bitcoin ecosystem by building an execution layer using zero-knowledge proofs. These proofs allow for privacy and scalability in cryptocurrency transactions. Citrea recently secured $2.7 million in a seed funding round led by Galaxy Ventures. The project has the potential to tap into the decentralized finance market, which currently is dominated by Ethereum. Analysts predict that Bitcoin-based dApps could draw around $225 billion in value, making Bitcoin a significant contender in the crypto market.