Espresso Systems, a rapidly growing Web 3 scaling and privacy technology, revealed on Monday that it had raised $32 million in a funding round headed by Greylock Partners and Electric Capital.
Sequoia Capital, Blockchain Capital, Slow Ventures, Polychain Capital, Alameda Research, Coinbase Ventures, Gemini Frontier Fund, and others were among the investors in the round.
Funding Proceeds
Espresso Systems stated that it intends to use the additional funds to expand its research and development team. It also seeks to create infrastructure and solutions that will enable widespread adoption of Web3.
The company also stated that the money received will be used to bring such products to market. This accomplishes a variety of channels, including native end-user product distribution, developer adoption, and partnerships with businesses, entrepreneurs, and start-ups.
Furthermore, Espresso Systems’ CEO is Ben Fisch. He discussed the project and stated that today’s launch is just the beginning of what Espresso Systems will be able to accomplish. From cross-border and B2B payments to DAO payroll and voting to trade and investment, the demand for reduced rates and more flexible approaches to privacy is clear throughout Web3 applications. Thus, they’re ecstatic to begin revealing more of the solutions they’ve been developing.
Meanwhile, Greylock Partners’ Seth Rosenberg, an investor, commented on the company’s progress. They are thrilled to support Espresso Systems as they work to overcome two of the most significant roadblocks to the long-awaited applications of blockchain technology. These include lower fees and more privacy protections.
Espresso systems will enable developers and asset issuers to create quick, private, and compliant stablecoins. Furthermore, he stated that they want customers to have accessible NFTs as well as more efficient DeFi applications.
Gaining Competitive Advantages
For payments, compliant privacy is a must-have feature. Individuals do not want their personal financial information leaked. Traders prefer that their dealings remain hidden. Businesses do not want their suppliers’ payments seen by competitors. Governments, on the other hand, require supervision and compliance.
The problem of compliant privacy mostly lies on unaddressed in the Web 3 business. Existing systems, while fully transparent to competitors and bad actors, lack risk monitoring and reporting capabilities.
Espresso Systems creates the infrastructure needed to support Web 3 application growth and privacy. Layer 1 (base blockchain) infrastructure built by the company to enable configurable privacy and decentralized scalability. This will open up an altogether new design environment for Web 3 organizations, firms, and entrepreneurs.
Espresso is developing zero-knowledge proofs to allow anyone to create private and compliant stablecoins, private and fast DeFi, accessible NFTs and games, and entirely new private apps.
