The fully private blockchain development platform Aleo has secured a Series B fund, putting the company’s value at $1.45B.
Based on the report by BusinessWire, the privacy-based DeFi platform Aleo will be using the investment to increase its workforce, help develop the platform itself, and bring up applications built on the native network.
In fact, the Aleo network will be using "zero-knowledge cryptography" which will basically let people build on the network without submitting any personal information or sensitive data to the platform.
Did you know?
Want to get smarter & wealthier with crypto?
Subscribe - We publish new crypto explainer videos every week!
What Are Oracles in Crypto? (Beginner Friendly Animation)
Likewise, based on the announcement, Aleo will be only performing verified off-chain transactions(meaning an increased number of transfers at the same time) and creating “decentralized applications capable of addressing complex real-world use cases that currently require centralized servers, all while complying with applicable laws.”
Aleo's funding round was led by Kora Management LP and SoftBank Vision Fund 2, and backed by multiple VC firms including Samsung Next, Tiger Global, Sea Capital, Slow Ventures, and Andreessen Horowitz from a16z.
Kora Management Founder Daniel Jacobs spoke on the Aleo network, addressing privacy and scalability as the key factors of the project:
“...the team have elegantly commercialized a solution that in time we believe will have profound impacts on a large and growing number of applications in the blockchain space and beyond, protecting user and application identity without sacrificing the performance required to support hundreds of millions of users.”
With Aleo becoming the highest-funded zero-knowledge project, its network will be launched sometime in late 2022.
