Catenaa, Monday, May 12, 2025- Miden, a privacy-focused blockchain project spun off from Polygon Labs, has secured $25 million in seed funding to develop its standalone network, Edge, which leverages zero-knowledge proof (ZK) technology for private and scalable transactions.
The seed round was co-led by a16z crypto, 1kx, and Hack VC, with backing from Symbolic Capital, Finality Capital, P2 Ventures, and others.
Prominent angel investors, including MakerDAO’s Rune Christensen and Aptos co-founder Avery Ching, also participated.
The funding structure included a simple agreement for future equity (SAFE) with token warrants, using a 2:1 equity-to-token ratio.
Miden co-founder Azeem Khan said the spin-off was finalized March 31 to allow for independent development as Polygon pivots to the AggLayer Breakout Program and broader incubation initiatives.
Miden, now the third Polygon project to spin out after Avail and Privado ID, will airdrop 10% of its native token to POL holders and stakers.
Developed since 2022, Miden is currently in alpha testnet. Its mainnet and token launch are planned for late 2025. The project focuses on processing data on “edge devices” — user-operated devices outside the validator set — enhancing privacy and decentralization.
Initial applications include OTC trading, treasury management, and compliant mixers. Miden also has its sights on institutional adoption, aiming to serve governments and financial institutions seeking compliant, private blockchain solutions.
Miden’s 17-person team, largely from Polygon, plans selective expansion. Board observer seats were granted to lead investors.
Polygon Labs co-founder Sandeep Nailwal praised Miden’s fast execution, calling its independence a step toward competing with Solana and Aptos in the Layer 1 arena.
