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Telos Announces $1M in Funding From Presto Labs
We’re excited to announce that Telos has received $1M in funding from Asia-based Presto Labs to help develop our SNARKtor-powered, hardware-accelerated zkEVM L2 network and SNARKtor Labs, our Hong Kong-based business unit focused on the acceleration of Telos’ ZK-proving technology infrastructure.
More than just a financial partnership, this deal signals the beginning of a long-term collaboration between our team and Presto Labs, one of Singapore’s top algorithmic trading and financial services firms.
SNARKtor
New to SNARKtor? SNARKtor is a decentralized protocol for recursive proof aggregation developed by researchers from our team and IOHK’s. Through the deployment of SNARKtor and the advancement of ZK technology generally, blockchains can help both organizations and individuals exponentially improve privacy, data protection and financial efficiency at scale.
Want to learn more about SNARKtor? Visit our SNARKtor explainer page.
SNARKtor-Powered L2
During our April sponsorship of TOKEN2049, Executive Director John Lilic unveiled plans for the development of our very own Ethereum L2 blockchain, powered by SNARKtor, in partnership with Ponos Technology. The new funding from Presto Labs will go towards the sound and efficient development of the new Telos network alongside Ponos’ world class team.
SNARKtor Labs, A New Frontier
With our major focus on Asia in 2024 and beyond, we’ll also be using the investment from Presto Labs to build and enhance SNARKtor Labs, a new hub of innovation that will help continue to push ZK Proving technology forward globally with a special emphasis on the Asia Pacific region. The SNARKtor Labs corporate mandate stipulates that its interests must be fully aligned with that of the TLOS token in so far as it drives value to the token, directly or indirectly. Any profits the entity earns will be used to buy and hold TLOS on its balance sheet.
Read the Full Release
Want more info about our new partnership with Presto Labs? Check out our full press release outlining the new collaboration in more detail:
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Disclaimer
The content provided in this article is for informational purposes only and should not be construed as financial or investment advice. Always conduct your own research and consult with a professional before making any financial decisions. Cryptocurrency investments along with other asset classes can be volatile and can result in potential losses. Always use caution, practice due diligence, and never invest capital you cannot afford to lose. Remember to always maintain the security of your accounts, use strong passwords, enable two-factor authentication, and be wary of phishing attempts. Stay safe and invest responsibly.
About The Telos Foundation
Telos is a growing network of networks (Layer 0) enabling Zero Knowledge technology for ultimate scalability and privacy to support all industries and applications. The expanding Telos ecosystem includes over 1.2 million accounts, hundreds of partners, and numerous dApps. Launched in 2018 Telos is known for its impeccable five-year record of zero downtime and is home to the worlds fastest Ethereum Virtual Machine, the Telos EVM. Telos is positioned to lead enterprise adoption into the world of borderless Web3 technology and decentralized solutions.
