Web3 privacy system Espresso completes $28 million in Series B financing, led by a16z crypto

BlockBeats news, on March 22, Web3 privacy system Espresso announced the completion of a $28 million Series B financing, led by a16z crypto. Polygon, Taiko, o1Labs, StarkWare, Offchain Labs, and core contributors and strategic investors from more than 30 notable ecosystem projects covering Rollups, L2 infrastructure, interoperability, and more also participated in the round. The new funding will be used to continue product development, expand investment in the rollup ecosystem, and expand the scale of the Espresso Systems team. BlockBeats previously reported that in March 2022, Espresso Systems completed $32 million in financing, led by Greylock Partners and Electric Capital, with participation from Sequoia Capital, Blockchain Capital and Slow Ventures. Espresso Systems is developing layer 1 blockchain infrastructure to provide fast, low-fee transactions by integrating the proof-of-stake consensus protocol with the zk rollup mechanism. The project’s Configurable Asset Privacy for Ethereum (CAPE) smart contract application is designed to provide creators with customizable privacy regarding sender and receiver addresses, as well as the amount and type of assets held or moved. It will support the creation and packaging of ERC-20 Token, and will also support NFT, etc. in the future.