Aztec Network, whose mainnet has been running since July 2022, has just completed a major fundraising of $100 million. Led by the firm a16z crypto, this funding will allow the development of this blockchain whose ambition is to improve the privacy of Web3 users.
Aztec raises $100 million in the midst of a bear market
Aztec Network, second layer of the Ethereum (ETH) network optimized on privacy, just revealed $100 million in Series B funding. Led by a16z crypto, a subsidiary of the firm Andreessen Horowitz, this financing round saw the participation of seven other companies including A capital, Fenbushi, and SV Angel.
Thanks to the 100 million dollars represented, the Aztec network will accelerate the deployment of its ecosystem focusing on the notion of confidentiality of data and transactions.
While blockchain transparency is considered paramount to ensure transactional flows are verified by all, Aztec proposes the construction of a network based on data encryption. According to its CEO Zac Williamson, data privacy is important for the security of individuals:
“What we’re building is breakthrough technology that transforms the way we interact with each other online, where the end user is the customer, rather than the product. End-to-end encrypted blockchains empower individuals, obviating the need for centralized financial systems. »
Its fundraising comes a few months after the deployment of its mainnet last July. In addition, note that the Aztec network is based on ZK Rollup technology: by grouping transactions in packets, Its transaction fees are very low compared to fees from the Ethereum network.
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Where is the development of Aztec?
One of the strengths of this young network is its ability to include more privacy in DeFi protocols without interfering in protocol interoperability. Through its Aztec Connect solution, decentralized applications can connect their platforms through a development kit.
In addition, decentralized finance (DeFi) protocols, such as AAVE and Lido, are already implemented on the network, while discussions are underway for the integration of the Compound platform. In parallel, Aztec attempts to build its own application networkas the startup points out:
“We are developing an entirely new secure execution layer on Ethereum, both public and private, enabling seamless interactions between encrypted and unencrypted applications on our own blockchain. »
In order not to betray its values related to data confidentiality, Aztec had to give up on becoming EMV compatible. To compensate, the blockchain is currently developing a future programming language. Named “Black”, it will allow the deployment of applications where the user can prove his data without distributing it.
In a context where certain data protection-related projects are censored across states and the Web3 ecosystemas was the case with TornadoCash, we can ask ourselves how the Aztec project will succeed in making its voice heard by institutional players.
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Source : Aztec network
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