Web3 Privacy Layer Aztec Raises $100 Million in Series B Funding Round to Produce an Encrypted Version of Ethereum
Aztec, a Web3 privacy layer, has raised $100 million in a Series B funding round led by the Andreessen Horowitz subsidiary a16z crypto. The organization, which already offers privacy-based services for a slew of Ethereum-based apps, will now focus on constructing an encrypted version of Ethereum, allowing individuals 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 part of its Series B funding round. The resources raised during this round, which was led by a16z crypto with the participation of A Capital, King River, Variant, SV Angel, Hash Key, Fenbushi, and AVG, will be used on building a high-level encrypted version of Ethereum.
For Aztec, while today’s focus on interoperable public chains has its virtues, there is also the need for private and confidential transactions that preserve the identity and the data of the ones involved. Joe Andrews, one of the founders of Aztec, told Techcrunch about how he believes privacy is a necessity. He stated:
The world isn’t nice to live in without encryption. Doing things without privacy would be a pretty scary world and not one we want.
Aztec contemplates ramping up its hiring processes to accelerate the construction of its privacy-centric network, and it hopes to double its number of employees to 80 in the near future.
Current Services and Noir
The organization is already providing privacy services for some applications and protocols on top of Ethereum through its Aztec Connect platform. This privacy layer launched back in 2021 allows users to encrypt transactions while using Aave, Curve, Lido, Element, Set Protocol, Compound, and Liquity. In addition, users also enjoy a reduction of the fees compared to transactions processed on layer one due to the pooling of these operations.
To make this task less daunting, Aztec also created its own programming language, called Noir. The company claims that this new development allows for easier construction of programs, and makes these ” more readable, more secure, and easier to reason about than ever before.”
While there is still no precise date for the launch of this new privacy tool, the founders estimate that the testnet of the product might be launched in the following 12 months, with a definite launch of the privacy network happening 8 to 24 months later, and discontinuing its Connect services after the launch.
What do you think about Aztec’s $100 million funding round to build a privacy-focused network? Tell us in the comments section below.
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