a16z Leads $100M Funding Spherical For Web3 Privateness Layer Aztec Community

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

Aztec Community, Web3’s privateness layer 2 chain, has introduced that it has raised $100 million in Collection B funding led by VC large Andreessen Horowitz (a16z). A Capital, King River, Variant, SV Angel, Hash Key, Fenbushi and AVG.5 additionally participated within the funding spherical.

• Partnership with a16z will fund the event of a “next-generation cryptographic structure” that can permit customers to confirm that the foundations of the blockchain are being appropriately adopted with out revealing the underlying info. To do.
• The primary focus of those encrypted blockchains is to permit privateness and anonymity concerning the execution of transactions.
• Following the event, Azteca CEO Zach Williamson stated:

“We’re constructing revolutionary know-how that can remodel the way in which we work together on-line, the place the top consumer is the shopper, not the product. Finish-to-end encrypted blockchain protects people. and take away the necessity for a centralized monetary system.”

• Final summer time, Aztec Community rolled out Aztec Join, an ecosystem that integrates with Ethereum decentralized finance (DeFi) protocols reminiscent of Aave, Lido and Component Finance.
• Going ahead, the corporate plans to combine Compound with 5 different DeFi protocols.
• Aztec additionally plans to roll out a brand new Ethereum-secured public/non-public execution layer that facilitates seamless interplay of encrypted and unencrypted purposes on the blockchain.
• The brand new capital injection will probably be used to onboard extra engineers worldwide to construct the community throughout Noir instruments, SDK growth, P2P community constructing, information science, cryptography, and full-stack engineering.
• Over the previous yr, the Aztec group has grown from seven workers to almost 40 and expects to double that quantity within the close to future.