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Aztec, a Web3 privateness layer, has raised $100 million in a Sequence B funding spherical led by the Andreessen Horowitz subsidiary a16z crypto. The group, which already affords privacy-based companies for a slew of Ethereum-based apps, will now give attention to establishing an encrypted model of Ethereum, permitting people and organizations to transact privately.
Aztec Raises $100 Million to Create Interoperable and Encrypted Blockchains
Web3 privacy-focused layer Aztec raised $100 million on Dec. 15 as a part of its Sequence B funding spherical. The assets raised throughout this spherical, which was led by a16z crypto with the participation of A Capital, King River, Variant, SV Angel, Hash Key, Fenbushi, and AVG, will probably be used on constructing a high-level encrypted model of Ethereum.
For Aztec, whereas as we speak’s give attention to interoperable public chains has its virtues, there may be additionally the necessity for personal and confidential transactions that protect the id and the info of those concerned. Joe Andrews, one of many founders of Aztec, instructed Techcrunch about how he believes privateness is a necessity. He acknowledged:
The world isn’t good to reside in with out encryption. Doing issues with out privateness can be a fairly scary world and never one we would like.
Aztec contemplates ramping up its hiring processes to speed up the development of its privacy-centric community, and it hopes to double its variety of workers to 80 within the close to future.
Present Providers and Noir
The group is already offering privateness companies for some functions and protocols on high of Ethereum by means of its Aztec Join platform. This privateness layer launched again in 2021 permits customers to encrypt transactions whereas utilizing Aave, Curve, Lido, Ingredient, Set Protocol, Compound, and Liquity. As well as, customers additionally get pleasure from a discount of the charges in comparison with transactions processed on layer one as a result of pooling of those operations.
To make this job much less daunting, Aztec additionally created its personal programming language, referred to as Noir. The corporate claims that this new growth permits for simpler building of applications, and makes these ” extra readable, safer, and simpler to purpose about than ever earlier than.”
Whereas there may be nonetheless no exact date for the launch of this new privateness device, the founders estimate that the testnet of the product may be launched within the following 12 months, with a particular launch of the privateness community taking place eight to 24 months later, and discontinuing its Join companies after the launch.
What do you concentrate on Aztec’s $100 million funding spherical to construct a privacy-focused community? Inform us within the feedback part beneath.
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