Demox Labs has unveiled a new wallet for the Aleo blockchain network; privacy-oriented, it announced on June 1. Called “Leo”, the wallet It allows users to generate zero-knowledge (ZK) proofs in their browsers, allowing them to interact with Aleo’s ZK-based applications. Aleo is in its testnet phase, but expects to launch a mainnet later this year.
According to the announcement, Demox also raised $4.5 million from investors. to further develop ZK’s testing technology via Aleo and other networks. More than 40,000 users signed up for the Leo wallet waiting list in the run up to its debut.
Congratulations to Demox Labs, creators of @theLeoWallet for securing $4.5m in funding.
We are proud to have a top-notch team building the future of privacy on @AleoHQ https://t.co/4P5bNVx4Ea
— Aleo (@AleoHQ) June 2, 2023
The financing round was led by the venture capital firm HackVC and included the participation of DCVC, Amplify Partners, Coinbase Ventures, CRV, OpenSea and CSquared. The funds will be used to make Leo compatible with ZK’s other blockchain testnets and to develop Web3 applications for enterprises.
Demox Labs Co-Founder and CEO, Barron Caster, considered the launch of the wallet and fundraising the start of a new privacy-focused era on Web3:
“Leo Wallet is just one example of how zero-knowledge proofs will enable people to use modern technologies and maintain legal and regulatory compliance without sacrificing personal privacy. […] Sharing sensitive data will soon become an option, not a requirement.”
In a conversation with Cointelegraph, the CEO of Aleo, Alex Pruden, echoed that sentiment. She said that Zero-knowledge privacy technology is unique in that it allows for “programmable privacy.” He added: “Everything that can be done on Ethereum, can be done on Aleo, but in private.”
Aleo raised $28 million in April 2021 and acquired another $200 million in February 2022. It launched its testnet in August of that same year.
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