a16z Leads $100M Funding Round For Web3 Privacy Layer Aztec Network

a16z Leads $100M Funding Round For Web3 Privacy Layer Aztec Network

The company plans to hire more engineers despite the intense bear market.

Aztec Network – a privacy layer 2 chain for Web3 – announced raising $100 million in a Series B financing led by VC giant Andreessen Horowitz (a16z). The funding round also saw participation from A Capital, King River, Variant, SV Angel, Hash Key, Fenbushi, and AVG.5.

Its partnership with a16z will fund the development of a “next-generation encrypted architecture” that would enable users to verify that blockchain rules were followed correctly without revealing any underlying information.
The main focus of these encrypted blockchains is to allow privacy and anonymity with respect to transaction execution.
Following the development, Aztec CEO Zac Williamson stated,

“What we’re building is a revolutionary piece of technology that transforms how we interact with each other online, in which the end user is the customer, rather than the product. End-to-end encrypted blockchains protect individuals, obviating the need for centralized financial systems.”

Aztec Network rolled out Aztec Connect, which happens to be an ecosystem that integrates with Ethereum decentralized finance (DeFi) protocols such as Aave, Lido, and Element Finance, last summer.
Going forward, the company plans on integrating with Compound and five other DeFi protocols.
Aztec is also planning to deploy a new Ethereum-secured public-private execution layer that will facilitate the seamless interplay of encrypted and unencrypted applications on its blockchain.
The new capital infusion will be used to onboard more engineers across the world to build the network across Noir tooling, SDK development, P2P network construction, data science, crypto, and full-stack engineering.
Over the past year, the Aztec team has expanded to nearly 40 from seven employees, and expects the figure to double in the near term.

The post a16z Leads $100M Funding Round For Web3 Privacy Layer Aztec Network appeared first on CryptoPotato.

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