Cryptocurrencies and blockchain: New fundraising from a16z of $100 million

Against prying eyes – The web3 startup Aztec Network, which wants to add a layer of privacy to Ethereum (ETH)raises 100 million dollars, to develop an encrypted architecture and to strengthen its workforce.

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$100 million to protect privacy

In one communicated on December 15, Aztec Network announced the raising of 100 million dollars, in a Series B funding round, led by US fund Andreessen Horowitz. This seed round saw participation from A Capital, King River, Variant, SV Angel, Hash Key, Fenbushi and AVG.

Aztec Network Fundraiser

A fundraiser for the blockchain

Aztec was founded in 2017 by Zac Williamson and Joe Andrews. On its website, the company states that it is developing “a next-generation encrypted blockchain secured by Ethereum”. This blockchain is supposed to offer a increased level of privacy protectionkeeping transactions away from prying eyes.

This newly raised capital will allow Aztec to develop a encrypted architecture. This will allow users of a blockchain to use this technology, without having to expose their credentials. Aztec will also use these funds to double the current workforce of the company, which amounts to 40 people.

Aztec Network is therefore raising $100 million to realize its ambitions, as the crypto winter continues and the recent events due to the collapse of FTX have shaken the industry. During these bear markets which saw the fall of many major players in the sector, Andreessen Horowitz continued to support web3 projects.although it also suffered from the bear market.

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