ZKNOX is a research and development company working at the frontier of applied cryptography. Founded by Nicolas Bacca, the company brings together mathematicians and engineers focused on post-quantum signatures, zero-knowledge proofs, and privacy infrastructure for decentralised systems. Its work directly advances blockchain security and efficiency, including a recent breakthrough that significantly reduced the cost of quantum-resistant cryptography on Ethereum. But like many research-driven companies, innovation is only part of the picture. Treasury management matters too.
Many companies operate with uneven cash flows, revenue or funding that arrives in concentrated bursts rather than smooth monthly streams. For grant-funded R&D companies like ZKNOX, this dynamic is especially pronounced. Funding is tied to research milestones, which means capital can arrive in significant tranches and then sit largely idle while being gradually drawn down for operations.
Traditional options offered convenience but limited return. As Nicolas put it:
“If you go for term deposits or similar bank products, you’re looking at around 2%. It’s fine, but it’s not particularly interesting.”
Nicolas Bacca, Founder of ZKNOX, Co-founder of Ledger
At the same time, using DeFi directly for company funds introduces friction that doesn’t exist with personal capital, accounting complexity, FX exposure, and smart contract risk that a founder shouldn’t have to spend time managing.
After comparing available options, Byzantine emerged as the most compelling fit for ZKNOX:
“The three reasons I’d go with Byzantine over someone else: the rate is higher than what I find elsewhere, the product is insured, and at the same time there’s no currency risk.”
Nicolas Bacca, Founder of ZKNOX, Co-founder of Ledger
ZKNOX keeps a portion of treasury capital on Byzantine as part of its normal treasury management. When monthly operating expenses arise, funds can be withdrawn as needed, and capital not immediately required remains productive rather than sitting idle.
This did not require reinventing the company’s finance processes. There was no need for active trading, constant monitoring, or dedicating internal bandwidth to yield management.
“Nothing changed operationally. I know how much I need each month, I plan the timing, and the rest stays put.”
Nicolas Bacca, Founder of ZKNOX, Co-founder of Ledger
ZKNOX now keeps grant-funded capital productive through its operating cycle instead of sitting idle between drawdowns. Withdrawals happen when needed, nothing else about the company’s finance processes changed.
“The best way to benefit from DeFi yield, with the least risk.”
Nicolas Bacca, Founder of ZKNOX, Co-founder of Ledger
ZKNOX is exactly the kind of company that could have managed this internally, a technically sophisticated team with deep ecosystem knowledge. Yet it still chose a specialised treasury solution. For a founder already operating at the cutting edge of cryptography, the value was not access to DeFi itself, but removing friction and being able to benefit from an active risk management and an insurance layer.
For research-driven companies with milestone-based funding, or any business where capital arrives in tranches rather than monthly, the pattern is often the same: funds must remain accessible, but are not always deployed immediately. Byzantine makes it possible to keep that capital productive through the cycle, without adding operational complexity.
