THELOGICALINDIAN - Institutional money continues to breeze into Ethereum ascent solutions
Aztec, an Ethereum ascent and aloofness solution, has aloft $17 actor in a Series A allotment annular led by Venture Capital armamentarium Paradigm.
Web3 Fund Gets to Work Scaling
Paradigm, which recently announced the largest-ever crypto armamentarium of $2.5 billion, has led a $17 actor accession for Aztec. The fundraise was announced today.
Aztec is a zero-knowledge rollup that is congenital application privacy architecture that can abate Ethereum fees by up to 100-fold while accouterment clandestine access.
In accession to Paradigm, there were several added absolute ally that accurate the fundraising round, including Ethereal Ventures and angel investors Vitalik Buterin and Aave architect Stani Kulechov.
On the raise, Paradigm’s Research Partner and Chief Technology Officer Georgios Konstantopoulos remarked that “privacy is a axiological right” and that “Aztec’s rollup” additionally allows “access to Ethereum’s DeFi.” However, according to Aztec’s CEO and Co-founder Zac Williamson, “the technology to calibration blockchains abreast didn’t exist” back Aztec was founded, pointing to the addition of his team.
The gain from this Series A allotment annular are slated to be acclimated for several purposes. First, the money will go against grants for Aztec’s newly-launched clandestine arch for Ethereum alleged Aztec Connect. The aggregation wrote that the funds will additionally be acclimated to abutment arrangement decentralization and to abide developing the technology (i.e. aught ability proving systems).
Ethereum ascent solutions accept been a above affair of altercation recently. Late aftermost month, Vitalik Buterin proposed an Ethereum Improvement Proposal alleged EIP-4488, which approved to abatement Ethereum Layer 2 gas fees. Not continued afterwards that, Buterin published a blog post that discussed the approaching of rollups, autograph that they ability crave “years of refinement.” Another Ethereum ascent solution, zkSync, raised $50 million aloof aftermost month.
Disclosure: At the time of writing, the columnist of this allotment endemic ETH and several added cryptocurrencies.
