The native token of a privacy-focused zero-knowledge layer-1 blockchain is on the rise after being listed on the top US crypto exchange by trading volume. Less than 24 hours ago, Coinbase listed Aleo (ALEO) under the experimental label. “Coinbase customers can log in to buy, sell, convert, send, receive or store these assets.” The experimental […]
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The wallet developer also raised $4.5 million from HackVC and other firms to further advance ZK-based enterprise solutions.
Demox Labs has debuted a new wallet for the privacy-oriented Aleo blockchain network, according to a June 1 announcement. Called “Leo,” the wallet allows users to generate zero-knowledge (ZK) proofs within their browsers, letting them interact with Aleo’s ZK-based apps. Aleo is in its testnet phase but expects to launch a mainnet later this year.
According to the announcement, Demox also raised $4.5 million from investors to further develop ZK-proof technology through Aleo and other networks. Over 40,000 users signed up for the Leo wallet waitlist in the period leading up to its debut.
Congratulations to Demox Labs, creators of @theLeoWallet for securing $4.5m in funding.
— Aleo (@AleoHQ) June 2, 2023
We are proud to have a top-notch team building the future of privacy on @AleoHQ https://t.co/4P5bNVx4Ea
The funding round was led by venture capital firm HackVC and included participation from DCVC, Amplify Partners, Coinbase Ventures, CRV, OpenSea and CSquared. The funds will be used to make Leo compatible with other ZK-proof blockchains and develop Web3 applications for enterprises.
Demox Labs co-founder and CEO Barron Caster saw the wallet’s launch and fundraise as the start of a new privacy-focused era in Web3:
“Leo Wallet is just one example of how [zero-knowledge proofs] will empower individuals to use modern technologies and maintain legal and regulatory compliance without sacrificing personal privacy […] Sharing sensitive data will soon become an option, not a requirement.”
In a conversation with Cointelegraph, Aleo CEO Alex Pruden echoed that sentiment. He said zero-knowledge privacy technology is unique because it allows for “programmable privacy.” He added: “Everything you can do on Ethereum, you can do in Aleo, but privately.”
Related: Are ZK-proofs the answer to Bitcoin’s Ordinal and BRC-20 problem?
Aleo raised $28 million in April 2021 and acquired another $200 million in February 2022. It launched its testnet in August of the same year.
Aleo will use the funds to support developers in building applications within its private and scalable platform.
Zero-knowledge applications platform Aleo has raised $200 million in a solid investment round, pushing the company forward and supporting its goals to develop products and services that encourage and assist developers in building applications on top of its decentralized network.
The Series B investment round was led by Kora Management LP and SoftBank Vision Fund 2, which invest in fintech projects within emerging digital economies. Samsung Ventures also participated in the raise along with Tiger Global, Sea Capital, Slow Ventures and Andreessen Horowitz (a16z).
Aleo is building a network that integrates zero-knowledge proofs, a cryptography technique that lets the platform become scalable, private and interoperable.
Aaron Wong, an investor at SoftBank Investment Advisers says that Aleo is creating a foundation that ensures that Web3 is scalable, safe and secure. Wong added that this will enhance financial transactions and gaming applications as well.
“As the blockchain industry continues to evolve, it is proving its potential to support a digital ecosystem defined by accessibility, efficiency, and interoperability.
Daniel Jacobs, Founder at Kora Management LP says that the biggest challenges in the industry are privacy and scalability. According to Jacobs, Aleo “will have profound impacts on a large and growing number of applications in the blockchain space and beyond.”
Related: a16z-backed TrueFi launches DeFi lending market for asset managers
Jacobs explained that the project could protect user and application identity without giving up on performance that’s required to support many users. He also further noted that Aleo will become a catalyst that spurs the next generation of gaming, decentralized finance, and other use cases within the blockchain industry.
As Cointelegraph reported in April, Aleo secured $28 million in a private investment round to bring its platform for zero-knowledge applications to a wider audience. Venture capital firm a16z led the effort followed by investments from Coinbase Ventures, Galaxy Digital, and others.
