As a researcher with a background in blockchain technology and a strong interest in decentralized ecosystems, I am thrilled to see Telos take this significant step forward with their partnership with Presto Labs. The $1 million investment is a clear sign of confidence in Telos’ vision and the potential of their new zkEVM Layer 2 solution powered by SNARKtor technology.
In a significant move announced recently, decentralized blockchain platform Telos, established in 2018, revealed it has secured a $1 million investment from Presto Labs, a Singapore-based VC firm and liquidity provider founded in 2014. The financial influx will be allocated towards the development of Telos’ new zkEVM Layer 2 solution, which utilizes SNARKtor technology. Furthermore, the funds will support the expansion of SNARKtor Labs, Telos’ dedicated business unit focused on enhancing its zero-knowledge capabilities.
The collaboration between the two companies is predicted to bring about significant consequences, particularly in the Asia Pacific area where Web3 and blockchain advancements have been thriving. This investment will also accelerate the development process of Layer 2 (L2), with Telos being one of the involved parties, alongside Ponos Technology.
Fueling Growth and Global Impact
As the Executive Director of Telos, I am thrilled to extol the virtues of our new partnership with Presto Labs. They are truly among the elite in the global blockchain industry, and this collaboration will undoubtedly yield significant benefits for Telos and our community. The capital infusion into our project will not only strengthen our network but also amplify the reach and influence of SNARKtor Labs on a global scale.
“We’re excited to effectively invest this fresh capital in expanding our organization and amplifying the influence of SNARKtor Labs. This will help us broaden the reach of ZK technology’s benefits to a larger audience.”
Yongjin Kim, the co-founder of Presto Labs, shared his enthusiasm as well. As a tech-centric organization, they are taken aback by Telos’ achievements and are eager to join forces with them. Moreover, Kim hinted that there is significant potential for their long-term collaboration.
“Our teams are embarking on a prolonged collaboration, which could greatly contribute to the widespread acceptance of blockchain technology. Notably, Telos is developing a new network that offers real-world applications, paving the way for blockchain’s mainstream usage.”
As a blockchain analyst at Telos, I’m proud to share that our company stands out in the industry by managing two major networks: Telos EVM and Telos Zero. Moving forward, we are focusing our efforts on our partnership with Presto Labs. This collaboration will result in the creation of an advanced zkEVM solution called SNARKtor’s L2, which is designed to enhance the overall performance of our networks.
As a researcher studying the tech industry, I’ve discovered an exciting development: Telos and Presto Labs are joining forces in a partnership that promises to unlock new possibilities for both parties. We’re not just talking about SNARKtor here; this collaboration goes beyond that. It represents the beginning of numerous innovations, as we work together to push the boundaries of blockchain technology further and expand its reach worldwide, with a particular focus on the Asia Pacific region.
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2024-05-08 17:54