Home News Aztec raised $17M from Paradigm and other investors

Aztec raised $17M from Paradigm and other investors

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London-based startup Aztec has closed a $17 million Series A funding round. An investment firm Paradigm led the round.

Thus, Variant Fund, Nascent, imToken, Scalar Capital, DeFi Alliance, IOSG Ventures, Zero Knowledge Validator. Former investors A.Capital Ventures, Ethereal Ventures and Libertus Capital also participated in the round.

Furthermore, the funds received will go to finalize the technology of “programmable privacy” for Ethereum based on ZK-Rollups.

Hiding the data of the sender, recipient and transaction amount

Aztec developed the standard called “PLONK”, which makes possible a Layer 2 (L2) transaction processing system. The solution provides cheaper transactions (up to 100 times compared to Ethereum) and provides “verifiable confidentiality” by hiding the data of the sender, recipient and transaction amount.

Moreover, the startup announced the launch of Aztec Connect, a private bridge for the decentralized finance (DeFi) ecosystem in Ethereum, on the testnet. Therefore, users have the opportunity to make confidential transfers and save on transaction fees.

In addition, the developers promised to present the Connect software development kit (SDK). The latter will allow any Ethereum project to integrate Aztec Connect.

ZK-Rollups Layer 2 scaling solutions

Previously in November, the Polygon team presented an L2 solution based on ZK-Rollups and released its central component – a virtual machine using the zk-STARKs protocol as a basic proof system.

Earlier in August, Polygon acquired the Hermez Network platform, specializing in ZK-Rollups L2 scaling solutions. Mihailo Bjelic, Co-Founder of Polygon, noted that this is the first-ever full-scale merger of blockchain networks in which one network completely absorbs another, including its token.

After this, the project announced that it would allocate $1 billion for the development of relevant products.

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