Aztec Raises $17M from Paradigm and Other Investors

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London-based startup Aztec has completed a $17 million Series A funding round led by Paradigm.

In the round have also taken part Variant Fund, Nascent, IMToken, Scalar Capital, DeFi Alliance, IOSC Ventures, Zero Knowledge Validator and former investors – a_capital, Ethereal Ventures and Libertus Capital.

The funds received will be used to refine the “programmable privacy” technology for Ethereum based on ZK-Rollups.

A standard being developed by Aztec, called PLONK, enables a two-tier transaction processing system. The solution provides cheaper transactions (up to 100 times compared to Ethereum) and provides “verifiable confidentiality” by hiding the sender, recipient and transaction amount.

The startup announced the launch on testnet of Aztec Connect, a private bridge to the DeFi ecosystem in Ethereum. Users were able to make confidential transfers and save on transaction fees.

The developers have promised to provide SDK Connect, which will allow any Ethereum project to integrate Aztec Connect.