• Espresso Systems raises $32 million in funding to bring scaling and privacy to Web 3.0

  • Espresso Systems, a scaling and privacy technology for Web 3 apps, announced a $32 million investment round headed by Greylock Partners and Electric Capital, with participation from Sequoia Capital.

    Blockchain Capital and Slow Ventures were among the other investors in the round. The funds will be used to expand the team, develop new goods, and bring them to market.

    “We are pleased to support Espresso Systems as they address two of the main barriers that will unlock long-promised applications of blockchain systems: cheaper fees and greater privacy guarantees,” Greylock Partners investor Seth Rosenberg stated in a press release.

    Espresso Systems is creating tier 1 (or basic blockchain) infrastructure to enable quick, low-fee transactions by combining a proof-of-stake consensus protocol with a zero-knowledge (zk) rollup mechanism that can bundle many transactions in a more resource-efficient manner.

    The company’s Configurable Asset Privacy for Ethereum (CAPE) smart contract application aims to provide authors with customisable privacy regarding sender and recipient addresses, as well as the amount and type of assets owned or in transit. All of the items can be made to be public, private, or only visible to certain persons.

    CAPE will initially handle the generation and wrapping of ERC-20 tokens, with non-fungible tokens (NFT) functionality to follow.

    “Espresso systems will enable developers and asset issuers to build quick, private, and compliant stablecoins; accessible NFTs; and more efficient DeFi apps,” Greylock’s Rosenberg stated.

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