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

Aztec, a Web3 privateness layer, has raised $100 cardinal successful a Series B backing circular led by the Andreessen Horowitz subsidiary a16z crypto. The organization, which already offers privacy-based services for a slew of Ethereum-based apps, volition present absorption connected constructing an encrypted mentation of Ethereum, allowing individuals and organizations to transact privately.

Aztec Raises $100 Million to Create Interoperable and Encrypted Blockchains

Web3 privacy-focused furniture Aztec raised $100 cardinal connected Dec. 15 arsenic portion of its Series B backing round. The resources raised during this round, which was led by a16z crypto with the information of A Capital, King River, Variant, SV Angel, Hash Key, Fenbushi, and AVG, volition beryllium utilized connected gathering a high-level encrypted mentation of Ethereum.

For Aztec, portion today’s absorption connected interoperable nationalist chains has its virtues, determination is besides the request for backstage and confidential transactions that sphere the individuality and the information of the ones involved. Joe Andrews, 1 of the founders of Aztec, told Techcrunch astir however helium believes privateness is simply a necessity. He stated:

The satellite isn’t bully to unrecorded successful without encryption. Doing things without privateness would beryllium a beauteous scary satellite and not 1 we want.

Aztec contemplates ramping up its hiring processes to accelerate the operation of its privacy-centric network, and it hopes to treble its fig of employees to 80 successful the adjacent future.

Current Services and Noir

The enactment is already providing privateness services for immoderate applications and protocols connected apical of Ethereum done its Aztec Connect platform. This privateness furniture launched backmost successful 2021 allows users to encrypt transactions portion utilizing Aave, Curve, Lido, Element, Set Protocol, Compound, and Liquity. In addition, users besides bask a simplification of the fees compared to transactions processed connected furniture 1 owed to the pooling of these operations.

To marque this task little daunting, Aztec besides created its ain programming language, called Noir. The institution claims that this caller improvement allows for easier operation of programs, and makes these ” much readable, much secure, and easier to crushed astir than ever before.”

While determination is inactive nary precise day for the motorboat of this caller privateness tool, the founders estimation that the testnet of the merchandise mightiness beryllium launched successful the pursuing 12 months, with a definite motorboat of the privateness web happening 8 to 24 months later, and discontinuing its Connect services aft the launch.

What bash you deliberation astir Aztec’s $100 cardinal backing circular to physique a privacy-focused network? Tell america successful the comments conception below.

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