A16z Crypto, an Andreessen Horowitz company, led the $100 million Series B fundraising round for Web3 privacy layer Aztec. The company will concentrate on building an encrypted version of Ethereum that will enable people and organizations to conduct private transactions. The company already provides privacy-based services for various Ethereum-based apps,
focusing on privacy in Web3 as part of its series B investment round, Aztec raised $100 million on December 15. The funding from this round, led by a16z crypto and included A Capital, Variant, King River, SV Angel, Fenbushi, Hash Key, and AVG, will be used to create a highly encrypted version of Ethereum.
Aztec believes that while the current emphasis on open, interoperable chains has merits, there is still a need for private, secret transactions that protect participants’ identities and personal information. One of Aztec’s founders, Joe Andrews, spoke with Techcrunch about his view that privacy is essential. He declared: “Without encryption, the world is not a pleasant place to live. A world without privacy would be fairly scary, and we don’t want that.”
Aztec is thinking about speeding up the hiring process to build its privacy-focused network more quickly, and it plans to expand its workforce to 80 people soon.
With the help of its Aztec Connect platform, the group already offers privacy services for several protocols and apps built on top of Ethereum. Aave, Curve, Lido, Element, Set Protocol, Compound, and Liquidity users can encrypt transactions using this privacy layer, which was introduced back in 2021. Users also benefit from lower fees than layer one transactions because these processes are pooled.
Aztec additionally developed Noir, its own programming language, to make this effort seem less intimidating. According to the corporation, this new innovation makes it simpler to create programmes and improves their readability, security, and reasonability.
The founders predict that the testnet of the new privacy tool might be released within the next year, with the privacy network’s official launch taking place 8 to 24 months later and ending its Connect services after the launch, even if there is no exact date set for its release.