Aztec, a Web3 privacy layer, has raised $100 million in a Series B funding round led by the Andreessen Horowitz subsidiary a16z crypto.
It has been reported that the organization, which already offers privacy-based services for a slew of Ethereum-based apps, will now focus on constructing an encrypted version of Ethereum, allowing individuals and organizations to transact privately.
However, the resources raised during this round, which was led by a16z crypto with the participation of A Capital, King River, Variant, SV Angel, Hash Key, Fenbushi, and AVG, will be used on building a high-level encrypted version of Ethereum.
Joe Andrews, one of the founders of Aztec, said:
“The world isn’t nice to live in without encryption. Doing things without privacy would be a pretty scary world and not one we want.”
The report said that Aztec contemplates ramping up its hiring processes to accelerate the construction of its privacy-centric network, and it hopes to double its number of employees to 80 in the near future. The organization is already providing privacy services for some applications and protocols on top of Ethereum through its Aztec Connect platform.
Likewise, this privacy layer launched back in 2021 allows users to encrypt transactions while using Aave, Curve, Lido, Element, Set Protocol, Compound, and Liquity. Users also enjoy a reduction of the fees compared to transactions processed on layer one due to the pooling of these operations.
To make this task less daunting, Aztec also created its own programming language, called Noir. The company claims that this new development allows for easier construction of programs, and makes these ”more readable, more secure, and easier to reason about than ever before.”
Thus, while there is still no precise date for the launch of this new privacy tool, the founders estimate that the testnet of the product might be launched in the following 12 months, with a definite launch of the privacy network happening 8 to 24 months later, and discontinuing its Connect services after the launch.