Layer 1 Project Aleo Raises $200M
Key Takeaways
Aleo has closed a $200 million funding round led by SoftBank Vision Fund 2 and Kora Management.
The team aims to build a scalable and privacy-centered blockchain using zero-knowledge proofs.
Once live as a mainnet, Aleo will reward validator nodes with its native token, Aleo Credits.
Share this article
Aleo has raised $200 million in a series B funding round to build a new Layer 1 blockchain focused on scalability and user privacy.
Aleo Pulls In VC Backing
Aleo, a Layer 1 blockchain focused on scalability and privacy, has closed a $200 million funding round. The team announced in a tweet that it hoped to “build the next-generation of private apps powered by zero-knowledge proofs.”
The funding round was closed at $1.45 billion valuation. It led by SoftBank Vision Fund 2 and Kora Management, with participation from notable VCs as Tiger Global, Andreessen Horowitz (a16z), Samsung Next, Slow Ventures, and Sea Capital.
Aleo was created by Howard Wu, who based it on his original research on a novel cryptographic primitive called ZeXe.
The Layer 1 blockchain will employ a security model in which decentralized applications are hosted on-chain but most computations take place off-chain. To do this, Aleo will rely on of zero-knowledge proofs. Notably, such proofs are currently being used by existing blockchain scalability solutions on Ethereum, including Polygon Miden, StarkWare, zkSync, and Loopring.
The Aleo testnet is currently live with a mainnet launch planned soon. Once that goes live, blockchain will reward validator nodes with its native token, Aleo Credits. The token will be used to pay for computational resources in the Aleo blockchain ecosystem.
Aleo has also released Aleo Studio, a development environment like GitHub that will be used exclusively for zero-knowledge proofs. The team has also developed a new programming language named Leo. Both of these resources are geared toward simplifying the experience of deploying applications on the network.
As of today, Aleo has raised a total of $228 million. It closed a Series A round of $28 million led by a16z in April 2021.
Disclosure: At the time of writing, the author of this piece owns ETH.
Share this article
The information on or accessed through this website is obtained from independent sources we believe to be accurate and reliable, but Decentral Media, Inc. makes no representation or warranty as to the timeliness, completeness, or accuracy of any information on or accessed through this website. Decentral Media, Inc. is not an investment advisor. We do not give personalized investment advice or other financial advice. The information on this website is subject to change without notice. Some or all of the information on this website may become outdated, or it may be or become incomplete or inaccurate. We may, but are not obligated to, update any outdated, incomplete, or inaccurate information.
You should never make an investment decision on an ICO, IEO, or other investment based on the information on this website, and you should never interpret or otherwise rely on any of the information on this website as investment advice. We strongly recommend that you consult a licensed investment advisor or other qualified financial professional if you are seeking investment advice on an ICO, IEO, or other investment. We do not accept compensation in any form for analyzing or reporting on any ICO, IEO, cryptocurrency, currency, tokenized sales, securities, or commodities.
See full terms and conditions.
Layer 1 Coin Oasis Surges on DeFi Growth, Binance Support
Oasis Network’s DeFi ecosystem has crossed $100 million in total value locked, and its ROSE token is soaring. Oasis DEX YuzuSwap Leads DeFi Ecosystem Oasis Network, a Proof-of-Stake Layer 1…
Investing Survey: Win A $360 Subscription To Pro BTC Trader
We’re doing this because we want to be better at picking advertisers for Cryptobriefing.com and explaining to them, “Who are our visitors? What do they care about?” Answer our questions…
ZK-Rollups and the Path to Scaling Ethereum
As the cost of using Ethereum increases, the need to scale the network has become more apparent than ever. Zero-Knowledge Rollup technology promises to lower gas fees without compromising on…
Polygon Adds Mir to Its ZK Scaling Arsenal for $400M
Polygon has added another zero-knowledge scaling project called Mir. The team hopes to leverage Mir to add to its arsenal of scaling solutions. Polygon Acquires Mir Polygon has acquired a…
