Telos Secures $1M Investment from Presto Labs, Accelerating zkEVM Layer 2 Development

Telos, a decentralized blockchain ecosystem founded in 2018, has taken a major step forward, announcing that they have accepted an investment of $1 million from Presto Labs, a Singapore-based venture capital firm and liquidity provider launched in 2014. This capital injection will be used to develop Telos’ new zkEVM Layer 2 solution powered by SNARKtor technology. The funds will also help foster the growth of SNARKtor Labs, the blockchain’s firm business unit dedicated to improving Telos’ ZK.

The partnership between the two firms is expected to have a far-reaching impact. The Asia Pacific region will be more prioritized, which has grown to become a hub for Web3 and blockchain innovation. The investment will also help hasten the completion of the L2, of which Telos is one of the developers, alongside ZK research firm Ponos Technology.

Fueling Growth and Global Impact

While speaking about the partnership with Presto Labs, Telos Executive Director John Lilic praised Presto as one of the best in the world at what they do; he further said partnering with them will be of great advantage to Telos and its community at large. Lilac also mentioned how the capital invested will enhance their network and boost the impact of SNARKtor Labs across the globe. He stated:

“Our organization looks forward to deploying this new capital efficiently to enhance the growth of our new network, and to bolster the impact that SNARKtor Labs can have as we work to educate the world on the effectiveness that ZK technology can have at scale.”

Yongjin Kim, Presto Labs co-founder, also echoed this excitement; he revealed that as a company that is technology-focused, they are impressed with the impact Telos is making and are willing to be a part of it; he further revealed there is still more to be expected in the long-term partnership. He said:

“This is the start of a long-term partnership between our two teams, which can play a significant role in the mainstream adoption of blockchain through technology with practical global use cases like the new network Telos is building.”

Telos is distinguished in the industry as the firm that oversees the development of two primary networks, Telos EVM and Telos Zero. The blockchain firm is now shifting its attention to its partnership with Presto Labs. This collaboration will, therefore, lead to the development of high-powered SNARKtor’s L2 zkEVM.

The partnership between Telos and Presto Labs implies they will leverage each other’s expertise and resources. The collaboration will not be limited to SNARKtor. It will only be the first of many developments as the two firms continue to work towards advancing blockchain technology and driving its adoption around the globe, specifically in the Asia Pacific region.

next

Blockchain News, Cryptocurrency News, News