Ethereum Scaling Solution Aztec Raises $17M


Key Takeaways

Ethereum scaling and privacy solution Aztec has raised $17 million in a Series A round.
Major backers of the round included Paradigm, which recently launched a colossal $2.5 billion crypto fund, as well as Vitalik Buterin.
The Aztec team says the funds will be used to foster network decentralization, technological innovation, and grants for its latest product, Aztec Connect.

Share this article

Aztec, an Ethereum scaling and privacy solution, has raised $17 million in a Series A funding round led by Venture Capital fund Paradigm. 

Web3 Fund Gets to Work Scaling

Paradigm, which recently announced the largest-ever crypto fund of $2.5 billion, has led a $17 million raise for Aztec. The fundraise was announced today.

Aztec is a zero-knowledge rollup that is built using privacy architecture that can reduce Ethereum fees by up to 100-fold while providing private access.  

In addition to Paradigm, there were several other existing partners that supported the fundraising round, including Ethereal Ventures and angel investors Vitalik Buterin and Aave founder Stani Kulechov. 

On the raise, Paradigm’s Research Partner and Chief Technology Officer Georgios Konstantopoulos remarked that “privacy is a fundamental right” and that “Aztec’s rollup” also allows “access to Ethereum’s DeFi.” However, according to Aztec’s CEO and Co-founder Zac Williamson, “the technology to scale blockchains privately didn’t exist” when Aztec was founded, pointing to the innovation of his team. 

The proceeds from this Series A funding round are slated to be used for several purposes. First, the money will go toward grants for Aztec’s newly-launched private bridge for Ethereum called Aztec Connect. The team wrote that the funds will also be used to support network decentralization and to continue developing the technology (i.e. zero knowledge proving systems). 

Ethereum scaling solutions have been a major topic of discussion recently. Late last month, Vitalik Buterin proposed an Ethereum Improvement Proposal called EIP-4488, which sought to decrease Ethereum Layer 2 gas fees. Not long after that, Buterin published a blog post that discussed the future of rollups, writing that they might require “years of refinement.” Another Ethereum scaling solution, zkSync, raised $50 million just last month.

Disclosure: At the time of writing, the author of this piece owned ETH and several other cryptocurrencies.

Share this article

The information on or accessed through this website is obtained from independent sources we believe to be accurate and reliable, but Decentral Media, Inc. makes no representation or warranty as to the timeliness, completeness, or accuracy of any information on or accessed through this website. Decentral Media, Inc. is not an investment advisor. We do not give personalized investment advice or other financial advice. The information on this website is subject to change without notice. Some or all of the information on this website may become outdated, or it may be or become incomplete or inaccurate. We may, but are not obligated to, update any outdated, incomplete, or inaccurate information.

You should never make an investment decision on an ICO, IEO, or other investment based on the information on this website, and you should never interpret or otherwise rely on any of the information on this website as investment advice. We strongly recommend that you consult a licensed investment advisor or other qualified financial professional if you are seeking investment advice on an ICO, IEO, or other investment. We do not accept compensation in any form for analyzing or reporting on any ICO, IEO, cryptocurrency, currency, tokenized sales, securities, or commodities.

See full terms and conditions.

Vitalik Buterin Puts Forward EIP-4488

This week Vitalik Buterin and Ethereum developer Ansgar Dietrichs co-authored a new Ethereum Improvement Proposal called EIP-4488 that seeks to cut the gas fees of Ethereum Layer 2 scaling solutions….

ZK-Rollups Will Take “Years of Refinement”: Vitalik Buterin

The Ethereum co-founder has high hopes for the future of rollups.  Vitalik Buterin Discusses the Future of Rollups Vitalik Buterin has published a new blog post discussing rollups and blockchain…

A Guide to Yield Farming, Staking, and Liquidity Mining

Yield farming is arguably the most popular way to earn a return on crypto assets. Essentially, you can earn passive income by depositing crypto into a liquidity pool. You can think of these liquidity…

EIP-1559 Has Burned 1 Million Ethereum

EIP-1559 has now burned over 1 million ETH worth roughly $4.3 billion. EIP-1559 Hits 1 Million ETH Burned Ethereum’s EIP-1559 update has taken over 1 million ETH out of circulation….

Source link

You might also like
Leave A Reply

Your email address will not be published.