Web3 Privacy Tier Aztec Raises $100 Million In a Series B funding round led by a16z crypto, a subsidiary of Andreessen Horowitz. Organizations that already provide privacy-based services to a number of Ethereum-based apps will focus on building encrypted versions of Ethereum that will allow individuals and organizations to transact privately.
Aztec raises $100 million to create interoperable cryptographic blockchain
Web3’s privacy-focused layer Aztec as part of Series B12 Raised $100 million on May 15 funding round. Led by a16z crypto with participation from A Capital, King River, Variant, SV Angel, Hash Key, Fenbushi and AVG, the resources raised in this round will be used to build a high-level crypto version of his Ethereum. .
For the Aztecs, while the focus on today’s interoperable public his chain has advantages, so does the need for private and sensitive transactions that protect the identities and data of the parties involved. I have. Joe Andrews, one of Aztec’s founders, toldTechcrunch how he believes privacy is necessary. He said:
The world is not good to live without encryption. Doing things without privacy is a pretty scary world and not what we want.
Aztec Boosts Recruitment Process to Accelerate Building Privacy-Centric Network and hopes to double the number of employees to 80 in the near future.
Current Services and Noire
The organization already provides privacy services for several applications and protocols on Ethereum through the Aztec Connect platform. Launched in 2021, this privacy layer allows users to encrypt transactions while using his Aave, Curve, Lido, Element, Set Protocol, Compound, and Liquity. Additionally, users will see reduced fees compared to transactions processed at Layer 1 as these operations are pooled.
To make this task easier, the Aztecs also created their own programming language called Noir. The company claims that this new development will make programs easier to build and “more readable, safer, and easier to reason about than ever before.”
The exact launch date for this new privacy tool is not yet known, but the founders said the product’s testnet will launch within the next 12 months to ensure the privacy network launches. We estimate that we may discontinue the Connect service after launch for 8 to 24 months.
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