Web3 Privacy Layer Aztec Raises $100 Million in Series B Funding Round to Produce an Encrypted Version of Ethereum – Privacy Bitcoin News

Aztec, a Web3 privateness layer, has raised $100 million in a Collection B funding spherical led by the Andreessen Horowitz subsidiary a16z crypto. The group, which already gives privacy-based companies for a slew of Ethereum-based apps, will now deal with 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 Collection B funding spherical. The sources 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, can be used on constructing a high-level encrypted model of Ethereum.

For Aztec, whereas at this time’s deal with interoperable public chains has its virtues, there’s additionally the necessity for personal and confidential transactions that protect the id and the information of those concerned. Joe Andrews, one of many founders of Aztec, instructed Techcrunch about how he believes privateness is a necessity. He said:

The world isn’t good to dwell 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 staff to 80 within the close to future.

Present Companies and Noir

The group is already offering privateness companies for some purposes and protocols on high of Ethereum by way 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 take pleasure in a discount of the charges in comparison with transactions processed on layer one as a result of pooling of those operations.

To make this process much less daunting, Aztec additionally created its personal programming language, known as Noir. The corporate claims that this new improvement permits for simpler building of applications, and makes these ” extra readable, safer, and simpler to motive about than ever earlier than.”

Whereas there’s 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 8 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.

Sergio Goschenko

Sergio is a cryptocurrency journalist based mostly in Venezuela. He describes himself as late to the sport, getting into the cryptosphere when the worth rise occurred throughout December 2017. Having a pc engineering background, dwelling in Venezuela, and being impacted by the cryptocurrency increase at a social stage, he gives a special viewpoint about crypto success and the way it helps the unbanked and underserved.

Picture Credit: Shutterstock, Pixabay, Wiki Commons