2 years ago
Espresso Systems, a scaling and privateness strategy for Web 3 applications, revealed itself to the satellite with $32 cardinal successful backing led by Greylock Partners and Electric Capital, with information from Sequoia Capital.
Other participants successful the circular included Blockchain Capital and Slow Ventures. The backing volition spell toward expanding the team, merchandise improvement and bringing products to market.
“We are excited to backmost Espresso Systems arsenic they tackle 2 of the cardinal obstacles that volition unlock long-promised applications of blockchain systems: little fees and enhanced privateness guarantees,” said Greylock Partners capitalist Seth Rosenberg successful a property release.
Espresso Systems is processing furniture 1, oregon basal blockchain, infrastructure to present fast, low-fee transactions by integrating a proof-of-stake statement protocol with a zero-knowledge (zk) rollup mechanics that tin bundle aggregate transactions successful a much resource-efficient way.
The company’s Configurable Asset Privacy for Ethereum (CAPE) astute declaration exertion is intended to connection creators customizable privateness regarding sender and receiver addresses and the magnitude and benignant of assets held oregon successful movement. The elements tin each beryllium acceptable to public, backstage oregon lone transparent to prime parties.
At the outset, CAPE volition enactment the instauration and wrapping of ERC-20 tokens with enactment for non-fungible tokens (NFT) to follow.
“Espresso systems volition let developers and plus issuers to physique stablecoins that are fast, backstage and compliant; NFTs that are accessible; and DeFi applications that are much efficient,” added Greylock’s Rosenberg.
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