By
Benjamin Njiri
April 23rd, 2024
Aztec said that they would use these funds to build an encrypted architecture on Ethereum that allows individuals to properly use blockchains without exposing any identifiable information.
Aztec Network, the privacy-focused Web3 firm, announced that it has raised $100 million in Series B funding led by venture capital giant Andreessen Horowitz (a16z). Some of the other participating investors include King River, A Capital, SV Angel, Variant, Fenbushi, Hashkey, and AVG.
Aztec Network’s Funding Round
Aztec has been working to fully encrypt the Ethereum blockchain network to reduce computational redundancy and add more privacy. The firm will use this fresh fundraise to build an encrypted architecture that allows individuals to properly use blockchains without exposing any identifiable information. Additionally, Aztec noted that it is also planning on doubling its team of 40 people.
Aztec believes that its Ethereum encryption solution will bring greater privacy to users without compromising on the benefits of the Ethereum blockchain. Aztec’s blockchain architecture will allow applications to be trustless, verifiable, and secure. Speaking on the development, Aztec Network CEO Zac Williamson said:
“What we’re building is a revolutionary piece of technology that transforms how we interact with each other online, in which the end user is the customer, rather than the product. End-to-end encrypted blockchains protect individuals, obviating the need for centralized financial systems.”
Aztec’s Architecture of Encryption
Aztec’s advanced cryptography solutions have been battle-tested in the production of Aztec Connect, which powers thousands of transactions. Using Aztec Connect, DeFi protocols can integrate privacy without compromising interoperability.
The Aztec Connect ecosystem takes care of some of the leading Ethereum protocols such as Curve, Aave, Lido, Compound, Set Protocol, Element, and Liquidity. Other independent companies funded by Aztec Grand such as Trelis, Nucleo, and zkGiving have been working on native private Ethereum applications.
The Aztec team is now working on a completely new public-private executing layer secured by the Ethereum blockchain. This will allow the seamless interplay between all the encrypted and unencrypted applications. Speaking on this matter, Aztec co-founder Joe Andrews said:
“From PGP and SSL to end to end encrypted messaging, we rely on encryption in our daily lives for businesses and commerce to thrive. With a16z we are standing on the shoulders of giants to bring the encryption we have enjoyed since Netscape to our digital Web3.0 lives. We couldn’t think of a better partner to help us scale Aztec to mainstream.”
Aztec believes that encryption is necessary to build a new financial system on decentralized payment rails. Encryption will ensure that intermediaries have no access to user data. This would allow users and enterprises to conduct business confidentially.