a16z Leads $100M Funding Round For Web3 Privacy Layer Aztec Network – Crypto News – Crypto News
Connect with us
a16z Leads $100M Funding Round For Web3 Privacy Layer Aztec Network a16z Leads $100M Funding Round For Web3 Privacy Layer Aztec Network

Cryptocurrency

a16z Leads $100M Funding Round For Web3 Privacy Layer Aztec Network – Crypto News

Published

3 years ago

on

The company plans to hire more engineers despite the intense bear market.

Aztec Network – a privacy layer 2 chain for Web3 – declared raising $100 million in a Series B financing led by VC giant Andreessen Horowitz (a16z). The funding round also saw participation from A Capital, King River, Variant, SV Angel, Hash Key, Fenbushi, and AVG.5.

  • Its partnership with a16z will fund the development of a “next-generation encrypted architecture” that would enable users to verify that blockchain rules were followed correctly without revealing any underlying information.
  • The main focus of these encrypted blockchains is to allow privacy and anonymity with respect to transaction execution.
  • Following the development, Aztec CEO Zac Williamson stated,

“What we’re building is a revolutionary piece of technology that transforms how we interact with each other online, in which the end user is the customer, rather than the product. End-to-end encrypted blockchains protect individuals, obviating the need for centralized financial systems.”

  • Aztec Network rolled out Aztec Connect, which happens to be an ecosystem that integrates with Ethereum decentralized finance (DeFi) protocols such as Aave, Lido, and Element Finance, last summer.
  • Going forward, the company plans on integrating with Compound and five other DeFi protocols.
  • Aztec is also planning to deploy a new Ethereum-secured public-private execution layer that will facilitate the seamless interplay of encrypted and unencrypted applications on its blockchain.
  • The new capital infusion will be used to onboard more engineers across the world to build the network across Noir tooling, SDK development, P2P network construction, data science, crypto, and full-stack engineering.
  • Over the past year, the Aztec team has expanded to nearly 40 from seven employees, and expects that figure to double in the near term.
SPECIAL OFFER (Sponsored)

Binance Free $100 (Exclusive): Use this link to register and receive $100 free and 10% off fees on Binance Futures first month ,terms,

PrimeXBT Special Offer: Use this link to register & enter POTATO50 code to receive up to $7,000 on your deposits.

Related Topics:
Continue Reading
Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

Trending