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According to a June 1 announcement, Demox Labs has unveiled a new wallet for the privacy-focused blockchain network Aleo. The wallet, called “Leo”, allows users to generate zero-knowledge proofs (ZK) in their browsers, allowing them to interact with Aleo’s ZK-based applications. Aleo is in the testnet stage but plans to launch the mainnet later this year.
According to the announcement, Demox has also raised $4.5 million from investors to further develop ZK defense technology through Aleo and other networks. Over 40,000 users signed up for the Leo wallet waiting list 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 DCVC, Amplify Partners, Coinbase Ventures, CRV, OpenSea, and CSquared. The funds will be used to make Leo interoperable with other ZK blockchains and develop Web3 applications for enterprises.
Demox Labs co-founder and CEO Barron Custer saw the wallet launch and fundraising as the beginning of a new privacy-focused era in Web3:
“The Leo wallet is just one example of how [доказательства с нулевым разглашением] enable people to use modern technology and comply with legal and regulatory requirements without sacrificing personal privacy […] Sharing sensitive data will soon become a possibility, not a requirement.”
Speaking to Cointelegraph, Aleo CEO Alex Pruden echoed the sentiment. He said zero-knowledge privacy technology is unique in that it allows “programmed privacy.” He added: “Anything you can do on Ethereum, you can do on Aleo, but privately.”
Related: Are ZK Proofs the Answer to the Bitcoin 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 that year.