Aztec, a Web3 privacy layer, has raised $100 million in a Series B funding round led by Andreessen Horowitz subsidiary a16z crypto. The organization, which already offers privacy-based services for a large number of Ethereum-based applications, will now focus on building an encrypted version of Ethereum, allowing individuals and organizations to transact privately.

Aztec raises $100 million to create encrypted, interoperable blockchains

Aztec, the privacy-focused layer of Web3, raised $100 million on December 15 as part of its Series B funding round. The proceeds raised during this round, led by a16z crypto with participation from A Capital, King River , Variant, SV Angel, Hash Key, Fenbushi, and AVG, will be used to build a high-level encrypted version of Ethereum.

For Aztec, while the current focus on interoperable public chains has its virtues, there is also a need for private and confidential transactions that preserve the identity and data of those involved. Joe Andrews, one of the founders of Aztec, told Techcrunch how he believes that privacy is a necessity. He stated:

The world is not nice to live in without encryption. Doing things without privacy would be a pretty scary world and not one we want.

Aztec plans to increase its hiring processes to speed up the construction of its privacy-focused network and hopes to double its number of employees to 80 in the near future.

Current Services and Noir

The organization is already providing privacy services for some applications and protocols in addition to Ethereum through its Aztec Connect platform. This privacy layer released in 2021 allows users to encrypt transactions while using Aave, Curve, Lido, Element, Set Protocol, Compound, and Liquity. In addition, users also enjoy reduced fees compared to transactions processed at layer one due to the bundling of these operations.

To make this task less daunting, Aztec also created its own programming language, called Noir. The company claims that this new development allows for easier building of programs and makes them “more readable, more secure, and easier to reason with than ever before.”

Although there is still no precise date for the launch of this new privacy tool, the founders estimate that the test network of the product could be launched in the next 12 months, with a final launch of the privacy network between 8 and 24 months. after, and by discontinuing its Connect services after launch.

What do you think of Aztec’s $100 million funding round to build a privacy-focused network? Tell us in the comment section below.

sergio goschenko

Sergio is a cryptocurrency journalist based in Venezuela. He describes himself as someone who was late to the game, entering the cryptosphere when the price spike occurred in December 2017. With a background in computer engineering, living in Venezuela and being impacted by the cryptocurrency boom on a societal level, offers a different point of view. about the success of cryptocurrencies and how he helps the unbanked and underserved.

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