Espresso Systems goes to the public with a $ 32 million increase

Espresso Systems goes to the public with a $ 32 million increase

Espresso Systems, a scaling and data protection solution for web3 applications, celebrates its debut for the public with a financing round of $ 32 million.

"Skalization and data protection solutions both develop at a rapid pace, and we look forward to contributing to progress," Ben Fisch, co-founder and CEO of Espresso Systems, told Blockworks.

The investment was led by greylock-partner and electric capital with the participation of sequoia capital, blockchain capital and slow ventures. Other groups that support espresso systems are Polychain Capital, Alameda Research, Coinbase Ventures, Gemini Frontier Fund, Paxos and Terraform Labs.

Espresso develops a layer 1 blockchain infrastructure, which by integrating a proof-of-stake consensus protocol with a Zero-Knowledge-Rollup mechanism (ZK), which can use ZK-Proofs to save transactions, to save them, to process faithful transactions.

ZK-Proof technology is one of the leading candidates to scale the Ethereum blockchain through solutions such as strong goods and ZKSync. Espresso intends to keep the interoperability at the center of its plans, for example by creating bridges between Ethereum and other large chains so that the border between Layer-1 and Layer-2 can be “blurred” and from its scaling and data protection properties in the Ethereum, Fisch said.

The company will use the financing to expand the team and its products. The first published product is an Ethereum Virtual Machine application, which is known as a configurable Asset Privacy for Ethereum (Cape). It would enable manufacturers of digital assets such as ERC-20 tokens on Ethereum to add a data protection mode switch to their assets so that transactions from selected parties can be viewed, said Fisch.

"For example, a stablecoin provider could offer its users the opportunity to hide their stablecoin transactions from the public, so that the provider can still meet its reporting and risk management requirements," noticed Fisch.

In general, scaling for many Web3 applications is already a necessity, since the transaction demand has raised prices in networks, said Fisch. However, since data traffic migrates to more scalable platforms that work with ecosystems such as Ethereum, the fees for web3 applications should also drop.

"Existing solutions are compromised in decentralization and we are pleased to advance the industry with an approach that reaches both low fees and the properties of decentralization on which this industry is based," said Fisch.

. .

The contribution "Espresso Systems goes public in the middle of a $ 32 million increase" is not a financial advice.