Aztec, a London, UK-based developer of a protocol on the Ethereum mainnet facilitating private transactions across the public blockchain, raised $2.1m in seed funding.
The round was led by ConsenSys Labs with participation from Entrepreneur First, Samos Investments, Jeffrey Tarrant (Mov37) and Charlie Songhurst.
Founded by the inventor Dr. Zachary Williamson and CEO Tom Pocock, Aztec develops a protocol bringing bank-grade privacy to the Ethereum public blockchain, allowing market participants to transact in a private manner, and eliminating counterparty risk.
With its zero-knowledge technology, Aztec can support transactions for anything from existing ERC-20 tokens to real financial assets.
Its first commercial user is CreditMint, a corporate debt issuance and trading platform running on Ethereum. CreditMint partners with banks and asset managers to allow faster settlement in loan markets.
The smart contracts underpinning Aztec’s private transactions have been temporarily released under copyright at AztecProtocol.com, and will subsequently be released under a permissive licence to build it into an open-source decentralized exchange.
Aztec is currently raising additional funds to build out the protocol to provide on-chain privacy for all transactions.