Demox Labs Secures $4.5 Million in Initial Funding to Enhance Zero-Knowledge Proof Capabilities
In Brief
Demox Labs is creating privacy-centric infrastructure specifically tailored for zero-knowledge blockchains.
The company is set to introduce its first offering, the Leo Wallet, designed for ZK blockchains.
Demox Labs has attracted $4.5 million in a seed round led by Hack VC, which is aimed at propelling the company’s innovation in zero-knowledge proof tech and its diverse applications. Notable investors include Coinbase Ventures and OpenSea Ventures, among others.
The company is unveiling its inaugural product, the Leo Wallet, a non-custodial crypto wallet intended for ZK blockchains. According to Barron Caster, co-founder and CEO of Demox Labs, the Leo Wallet currently boasts a user base of 15,000 individuals. blog post \"Zero-knowledge proof technology is still nascent. It holds tremendous potential we aim to unlock. We are committed to developing vital components to help this technology fulfill its promise, and we’re thrilled to partner with our community and collaborators to build a future focused on privacy,\" Caster remarked.
The Leo Wallet endeavors to become the preferred wallet for the Aleo blockchain, which gives developers a robust platform for creating privacy-oriented blockchain applications utilizing zero-knowledge cryptography. In line with its privacy-first approach, Aleo processes transactions off-chain.
Instead of handling and re-confirming transactions directly on the main blockchain, Aleo verifies them through network nodes, keeping transaction details hidden from public view while ensuring they are validated by participants in the network.
Aleo is currently undergoing testing in its testnet phase and is gearing up for a mainnet launch.
As part of its initiative to attract developers during Testnet 3, Aleo has announced a $1 million Tooling & Infrastructure Grants Program. in July . In May, Aleo announced In a significant Series B funding round spearheaded by Kora Management LP and SoftBank Vision Fund 2, alongside contributions from Tiger Global, Sea Capital, Samsung Next, Slow Ventures, and Andreessen Horowitz (a16z), the fundraising has valued the company at $1.45 billion and marks the largest financial round within the zero-knowledge sector to date.
Last February, the platform raised $200 million Delving into the New ConsenSys zkEVM: Unleashing the Capabilities of Zero-Knowledge Proofs
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In line with the Trust Project guidelines Cindy, a journalist for Metaverse Post, focuses on web3, NFTs, the metaverse, and AI, often engaging with industry leaders in interviews. Having spoken to over 30 C-suite executives, she shares their insights with readers. Originally from Singapore, she now resides in Tbilisi, Georgia, and holds a Bachelor's degree in Communications & Media Studies from the University of South Australia, boasting a decade of experience in journalism and writing.
