Web3 Privacy Layer Aztec raises $100 million in Series B funding round to produce an encrypted version of Ethereum

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Aztec, a Web3 privacy layer has raised $100 million in Series B funding led by Andreessen Horowitz subsidiary, a16z crypto. The company, which offers privacy-based services to a number of Ethereum-based apps and has raised $100 million in a Series B funding round, will now be focusing on creating an encrypted version Ethereum that allows individuals and organizations to transact privately.
Aztec raises $100 million to create interoperable and encrypted blockchains
As part of its Series B funding round, Web3 privacy-focused layer Aztec raised $100 Million on Dec. 15. This round was led by a16z cryptocurrency with participation from Variant, A Capital, King River and Variant. The resources will be used to build a high-level encrypted version Ethereum.
Aztec believes that while interoperable public chains are a positive, confidential transactions are necessary to protect the identities and data of those involved. Techcrunch spoke with Joe Andrews, Aztec’s founder, about his belief that privacy is a necessity. He said:

Without encryption, the world isn’t a pleasant place to live in. It would be very scary to do things without privacy, and it is not something we want.

Aztec plans to increase its hiring process to accelerate the construction and maintenance of its privacy-centric network. It also hopes to double its workforce to 80 within the near future.

Current Services and Noir
Through its Aztec Connect platform, the organization already provides privacy services for certain protocols and applications on top of Ethereum. This privacy layer, which was launched in 2021, allows users to encrypt transactions using Aave and Curve, Lido. Element, Set Protocol. Compound, or Liquity. Due to the pooling operations, users will also see a decrease in fees than transactions processed on layer 1.
Aztec created Noir, its own programming language to make this easier. This new technology, according to Aztec, allows for faster program construction and makes them “more readable, safer, and easier to reason about” than ever before.
Although the exact launch date of this new privacy tool is unknown, the founders believe that the testnet will be launched within the next 12 months. A definite launch of privacy network could occur 8 to 24 months later. Connect services will be discontinued after launch.
What do you think of Aztec’s $100 Million funding round to build a privacy-focused networking network? Leave a comment below.