RATE Group | ConsenSys Backs $2.1 Million Funding Round for Ethereum Privacy Startup
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ConsenSys Backs $2.1 Million Funding Round for Ethereum Privacy Startup

30 Nov ConsenSys Backs $2.1 Million Funding Round for Ethereum Privacy Startup

Posted at 00:42h in Ethereum News by

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ConsenSys Labs has led a $2.1 million seed round for AZTEC, a startup that’s working to make ethereum transactions private so financial institutions can comfortably use the second-largest blockchain.

Announced Thursday, other investors in the round include Entrepreneur First, Samos Investments, Jeffrey Tarrant (Mov37) and Charlie Songhurst.

AZTEC, created by the mathematician Tom Pocock and nuclear physicist Zachary Williamson, uses zero-knowledge proofs (also known as zk-SNARKs), the cryptographic technique popularized by the zcash currency, to enhance privacy on a shared ledger. But the startup claims its protocol is “twice as efficient as other known technologies on the network.”

The protocol is intended to be used by banks, Pocock told CoinDesk, and they will be able to utilize the tech through a partnership with CreditMint, an ethereum-based platform for corporate debt issuance and trading created by the same team as AZTEC.

“We have been talking to more…

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