Aztec Network announced the completion of a $100 million Series B funding, led by cryptocurrency a16z. The grant will help develop a next-generation encrypted architecture that will allow users to verify that blockchain rules are correctly followed without revealing any underlying information.
According to official news, Aztec Network, a privacy and scaling solution based on ZK Rollup, has announced the completion of a $100 million Series B funding round, led by a16z, A Capital, King River Capital, Variant, SV Angel, HashKey Capital, Fenbushi Capital, Alumni Ventures and others participated in the investment.
Aztec is proud to announce $100 million in Series B funding, led by @a16zcrypto. pic.twitter.com/GqS1tNFXn6
— Aztec (@aztecnetwork) December 15, 2022
This funding round will be used to develop the cryptographic architecture and expand the engineering team to allow users to verify that the blockchain rules are followed correctly without revealing any background information.
The Aztec team has grown from seven to 40 in the past year and hopes to double its size shortly.
As updated in an earlier Coincu News article, FTX has reported beginning blocking accounts that have sent coins through zk.money of Aztec Network.
FTX has identified the DApp as a mixer. Aztec has now responded to the claims by reiterating its core values and confirming that it “will not be passive in stopping illegal behavior.”
Unlike other web3 protocols, which have either had to close down or abide by U.S. sanctions, Aztec have taken a different approach. The network argues that it “restricts behavior, rather than individuals”.
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