Wednesday, May 29, 2024
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Espresso Systems raises USD 32 million to deliver scaling & privacy to Web 3.0

Espresso Systems has announced a USD 32 million investment round headed by Greylock Partners and Electric Capital, with the involvement of Sequoia Capital. Blockchain Capital and Slow Ventures were also among the other investors in the same round. The funds will be used to grow the team, create new goods, and bring them to market. Espresso Systems is a company that develops Web3 scaling and privacy solutions.

In the investment round of USD 32 million, Seth Rosenberg from Greylock Partners stated that they are pleased to support Espresso Systems. The Espresso Systems was addressing two of the main barriers that would unlock long-promised uses of blockchain systems: cheaper fees and greater privacy guarantees. The company will enable asset creators to build fast, private, and compliant stablecoins, accessible NFTs and more efficient DeFi apps.

Espresso Systems is creating tier-1 (basic blockchain) infrastructure to facilitate rapid, low-fee transfers by combining a proof-of-stake (PoS) consensus protocol with a zero-knowledge (zk) rollup mechanism. The mechanism can bundle many operations in a more resource-effective manner.

The primary privacy solution of Espresso Systems is a smart contract app called Configurable Asset Privacy for Ethereum (CAPE). The application enables asset producers to control who may view what information on the blockchain. It also facilitates asset producers with the ownership control and movement of assets. All of the components in the application may be set to public, private, or just viewable to selected persons. It will first handle the production and packaging of ERC-20 tokens, with NFTs functionality to follow. 

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