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

The corporate plans to rent extra engineers regardless of the extraordinary bear market.

Aztec Community – a privateness layer 2 chain for Web3 – announced elevating $100 million in a Sequence B financing led by VC large Andreessen Horowitz (a16z). The funding spherical additionally noticed participation from A Capital, King River, Variant, SV Angel, Hash Key, Fenbushi, and AVG.5.

• Its partnership with a16z will fund the event of a “next-generation encrypted structure” that might allow customers to confirm that blockchain guidelines have been adopted appropriately with out revealing any underlying info.
• The primary focus of those encrypted blockchains is to permit privateness and anonymity with respect to transaction execution.
• Following the event, Aztec CEO Zac Williamson said,

“What we’re constructing is a revolutionary piece of know-how that transforms how we work together with one another on-line, during which the top consumer is the shopper, somewhat than the product. Finish-to-end encrypted blockchains defend people, obviating the necessity for centralized monetary programs.”

• Aztec Community rolled out Aztec Join, which occurs to be an ecosystem that integrates with Ethereum decentralized finance (DeFi) protocols resembling Aave, Lido, and Factor Finance, final summer time.
• Going ahead, the corporate plans on integrating with Compound and 5 different DeFi protocols.
• Aztec can be planning to deploy a brand new Ethereum-secured public-private execution layer that can facilitate the seamless interaction of encrypted and unencrypted purposes on its blockchain.
• The brand new capital infusion can be used to onboard extra engineers internationally to construct the community throughout Noir tooling, SDK improvement, P2P community building, information science, crypto, and full-stack engineering.
• Over the previous 12 months, the Aztec staff has expanded to just about 40 from seven workers, and expects the determine to double within the close to time period.