Demox Labs has introduced a new wallet called “Leo” for the privacy-focused Aleo blockchain network, as announced on June 1. The wallet enables users to generate zero-knowledge (ZK) proofs in their browsers, which allows interaction with Aleo’s ZK-based apps. Aleo is presently in its testnet phase and plans to launch the mainnet later this year.
The announcement revealed that Demox has raised $4.5 million in funding from investors to advance ZK-proof technology through Aleo and other networks. Before its debut, more than 40,000 users signed up for the Leo wallet waitlist.
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
Venture capital firm Hack VC led the funding round, with participation from DCVC, Amplify Partners, Coinbase Ventures, CRV, OpenSea, and CSquared. The funds will be utilised to make Leo compatible with other ZK-proof blockchains and develop Web3 applications for enterprises.
Demox Labs co-founder and CEO Barron Caster described the wallet’s launch and fundraising as the commencement of a new privacy-focused era in Web3:
“Leo Wallet is just one example of how [zero-knowledge proofs] will empower individuals 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.”
Alex Pruden, the CEO of Aleo, echoed the same sentiment in conversation with Cointelegraph, stating that zero-knowledge privacy technology is unique as it allows for “programmable privacy.” He added, “Everything you can do on Ethereum, you can do in Aleo, but privately.”
Related: Are ZK-proofs the answer to Bitcoin’s Ordinal and BRC-20 problem?
Aleo raised $28 million in April 2021 and acquired an additional $200 million in February 2022. It launched its testnet in August of the same year.