Aztec Network secures $100 million in Series B funding led by a16z

The backstage layer-2 concatenation Aztec Network announced connected Dec. 15 a $100 cardinal Series B backing circular led by task superior steadfast a16z crypto. Other investors successful the circular see A Capital, King River, Variant, SV Angel, Hash Key, Fenbushu, and AVG. 

By partnering with a16z, the institution plans to prosecute caller engineers and physique a "next-generation encrypted architecture" that allows users to verify that blockchain rules were followed without revealing immoderate underlying information. Encrypted blockchains let users to transact with privateness and anonymity.

“What we’re gathering is simply a revolutionary portion of exertion that transforms however we interact with each different online, successful which the extremity idiosyncratic is the customer, alternatively than the product. End-to-end encrypted blockchains support individuals, obviating the request for centralized fiscal systems.”, stated Aztec CEO Zac Williamson successful an authoritative announcement.

Aztec is reportedly moving connected a testnet motorboat wrong 12 months, and successful a afloat deployment connected the mainnet wrong 24 months.

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According to the company, its cryptography has been tested successful accumulation with Aztec Connect, allowing decentralized concern (DeFi) protocols to integrate privateness successful hundreds of transactions. Aztec Connect's ecosystem includes Ethereum DeFi protocols specified arsenic Aave, Curve, Lido, Element, Set Protocol, Compound, and Liquity.

The institution is besides processing a public-private execution furniture for its blockchain, which is designed to integrate encrypted and unencrypted applications seamlessly. Aztec's co-founder Joe Andrews noted:

“From PGP and SSL to extremity to extremity encrypted messaging, we trust connected encryption successful our regular lives for businesses and commerce to thrive. With a16z we are lasting connected the shoulders of giants to bring the encryption we person enjoyed since Netscape to our integer Web3.0 lives. We couldn’t deliberation of a amended spouse to assistance america standard Aztec to mainstream.”

Aztec's privateness web was officially launched connected the Ethereum blockchain successful February 2020. With Zcash-based technology, it provided confidential tokens wherever amounts were cryptographically hidden, Cointelegraph reported.