Espresso Systems, which works for the scaling of Web3 applications, was launched with today’s $32 million funding announcement.
The new project, called Espresso Systems, introduced today, Greylock Partners, Electric Capital and in addition Sequoia Capital, Blockchain Capital and from Slow Ventures received a total of $32 million in funding.
Names supporting the project include Polychain Capital, Alameda Research, Coinbase Ventures, Gemini Frontier Fund, Paxos, and Terraform Labs.
The Espresso Systems team plans to use this funding to find, develop and implement new solutions to improve Web3 applications.
Espresso Systems integrates a decentralized proof-of-stake protocol with the zk-rollup mechanism. fast and low-cost processing aims to provide opportunities.
The project also Configurable Asset Privacy for Ethereum (CAPE) regarding the transfer of the assets they have issued to persons who have issued their own digital assets on the blockchain, which are called what information can be viewed by whom It has an application that offers the opportunity to determine
a transaction through this application. confidentiality of the material value, sender/recipient information settings can be made.
Ben Fisch, CEO of Espresso Systems, said after receiving the funding, “Today’s launch is just the beginning for Espresso Systems. Web3 apps need to lower transaction fees and offer more flexibility in privacy. We are excited to start sharing the solutions we have developed to meet the needs of decentralized application users.” said.