[ad_1]
Zero-knowledge application platform Aleo has raised $200 million in a solid round of investment to propel the company forward and support its goal of developing products and services to encourage and assist developers to build applications on top of its decentralized network .
The Series B investment was led by Kora Management LP and SoftBank Vision Fund 2, which invest in fintech projects in emerging digital economies. Samsung Next also participated in the financing along with Tiger Global, Sea Capital, Slow Ventures and Andreessen Horowitz (a16z).
Aleo is building a network that integrates zero-knowledge proofs, a cryptographic technology that makes the platform scalable, private, and interoperable.
Aaron Wong, an investor at SoftBank Investment Advisers, said Aleo is creating a foundation to ensure Web3 is scalable, secure and reliable. This will also enhance financial transactions and gaming applications, Wong added.
“As the blockchain industry continues to grow, it is proving its potential to support a digital ecosystem defined by accessibility, efficiency and interoperability.
Daniel Jacobs, founder of Kora Management LP, said the industry’s biggest challenges are privacy and scalability. According to Jacobs, Aleo “will have a profound impact on a large and growing number of applications in the blockchain space and beyond.”
related: a16z-backed TrueFi launches DeFi lending marketplace for asset managers
Jacobs explained that the project protects user and application identities without giving up the performance needed to support many users. He also further stated that Aleo will be a catalyst for the next generation of gaming, decentralized finance and other use cases in the blockchain industry.
As Cointelegraph reported in April, Aleo received $28 million in private investment Bringing its zero-knowledge application platform to a wider audience. Venture capital firm a16z led the effort, with subsequent investments from Coinbase Ventures, Galaxy Digital and others.
[ad_2]
Source link
