Aztec raises USD 100 million in Series B funding

Web3 privacy layer Aztec has raised USD 100 million as part of a Series B funding round in order to create an encrypted version of Ethereum.

 

The Series B funding round was led by the Andreessen Horowitz subsidiary a16z crypto with the participation of A Capital, King River, Variant, SV Angel, Hash Key, Fenbushi, and AVG. Aztec revealed that it plans to use the funds to build a high-level encrypted version of Ethereum. 

To this end, the company will speed up its hiring processes and accelerate the construction of its privacy-centric network. According to bitcoin.com, the company aims to double the number of its employees to 80 in the near future. Over the past years, the company increased its headcount from 7 to 40. 

Aztec’s current service portfolio includes offering privacy services for some applications and protocols on top of Ethereum through the Aztec Connect platform. This privacy layer enables users to encrypt transactions while using Aave, Curve, Lido, Element, Set Protocol, Compound, and Liquity. 

Aztec officials cited by cointelegraph.com revealed their plans to create a revolutionary piece of technology that changes how users interact with each other online. They also emphasised how end-to-end encrypted blockchains help protect individuals while removing the need for centralised financial systems.

 

 

What are Aztec’s plans for the future? 

Aztec’s vision is to build blockchain encryption without trade-offs, and they rely on their advanced zero-knowledge cryptography to create applications that are efficient, private, and secure. 

While they didn’t reveal an exact launch date for the new encrypted version of Ethereum, company representatives cited by bitcoin.com estimated the launch of a testing phase in the next 12 months, while the definitive launch of the network could occur 8 to 24 months after that. According to cryptopotato.com, the company plans on integrating with Compound and five other DeFi protocols in the future.  

Noir, the company’s programming language allows for easier construction of programs and makes the entire process more readable and more secure. The Rust-based privacy programming language allows for the seamless construction of privacy-preserving zero-knowledge circuits. Noir’s exploration phase is due to end in Q4 2022 and will be followed by a testing phase scheduled to commence in Q1 2023. Aztec plans to launch the Noir programming language officially in Q2 2023 and beyond. 

Aztec’s privacy network launched on the Ethereum blockchain in February 2020. By leveraging Zcash-based technology, it provided access to confidential tokens where the amounts were cryptographically hidden.