Aleo blockchain, with a focus on privacy, receives a new wallet ahead of its mainnet launch.
Demox Labs has introduced a new wallet designed for the privacy-focused Aleo blockchain network, as announced on June 1. The wallet, called “Leo,” enables users to create zero-knowledge (ZK) proofs within their browsers, allowing them to interact with Aleo’s ZK-based apps. Aleo is currently in its testnet phase but is expected to launch a mainnet later this year.
The announcement also revealed that Demox raised $4.5 million from investors to further develop ZK-proof technology through Aleo and other networks. Over 40,000 users signed up for the Leo wallet’s waitlist in the period leading 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 funding round was led by venture capital firm HackVC and included participation from DCVC, Amplify Partners, blockchain Ventures, CRV, OpenSea, and CSquared. The funds will be used to make Leo compatible with other ZK-proof blockchains and develop Web3 applications for enterprises.
Demox Labs co-founder and CEO Barron Caster sees the wallet’s launch and fundraising as the beginning of a new era focused on privacy 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.”
In a conversation with Cointelegraph, Aleo CEO Alex Pruden expressed a similar sentiment. He stated that zero-knowledge privacy technology is unique because 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 another $200 million in February 2022. It launched its testnet in August of the same year.