Aztec Network announced $100 Million in Series B funding, led by a16z crypto, a venture capital fund.
Aztec Network Series B Funding
On Dec. 15, 2022, Aztec Network, a London-based firm that encrypts Ethereum blockchain, announced $100 Million in Series B funding. The funding was led by a16z crypto along with the participation from A Capital, King River, Variant, SV Angel, Hash Key, Fenbushi, and AVG.
The firm noted its goal is to take the original promise of Ethereum and expand its capability immensely by making it fully encrypted. The fundraise enables it to build a next-generation blockchain with no compromises.
Encrypting Ethereum gives transparency as Ethereum is so powerful, auditable, and secure. Its core to the transformational impact of Ethereum’s innovation is transparency begets verifiability, as mentioned by Aztec.
Usually, the current public blockchain paradigm, users and entities unknowingly broadcast the data publicly and compromises with the privacy and security. Aztec is developing blockchain encryption without trade-offs.
The “Heads-Talk”
According to the TechCrunch’s exclusive coverage, the Co-Founders of Aztec Network, Zac Williamson and Joe Andrews said in an interview “At a high level, Aztec is an encrypted version of Ethereum,” Mr. Andrews said. “Normally on Ethereum everything is public, but we are making it encrypted. That journey has taken us many years to play out.”
Mr. Williamson added that the encrypted blockchain provides transparency for the protocol but privacy for users. It does not need people’s identity while they make any transaction.
“The world isn’t nice to live in without encryption,” Mr. Andrews said. “Go through your day and think about how many things you wouldn’t want people to see. Not all of it is bad; it’s just your daily life. But think about how you take that for granted. Doing things without privacy would be a pretty scary world and not one we want.”
Ali Yahya, a General Partner at a16z crypto, also penned that “Encryption & privacy will be essential for blockchains to broaden their utility and gain widespread adoption.”
He also wrote about his first meeting with the co-founders Zac Williamson and Joe Andrews several years ago when they were working on the initial version of their startup, Aztec. “Zac is one of the world’s most brilliant cryptographers and Joe has created intuitive products that build bridges between the future and today,” he said.
Source: https://www.thecoinrepublic.com/2022/12/16/aztec-network-growth-it-raised-100-million-in-a-series-b-funding/