Demox Labs secures $4.5 million in pre-seed funding for Leo Wallet, a revolutionary privacy-focused cryptocurrency wallet designed for use with the Aleo blockchain. The funding will support the development of zero-knowledge blockchain infrastructure, privacy frameworks for developers, and interoperability with other blockchains.
Demox Labs has raised $4.5 million in pre-seed funding and introduced Leo Wallet, a privacy-focused cryptocurrency wallet designed for use with the Aleo blockchain. The funding round was led by HackVC and included participation from DCVC, Amplify Partners, Coinbase Ventures, CRV, OpenSea, and CSquared.
The funding round was also backed by notable investors in the crypto and blockchain industries, including Santiago Santos, Sriram Krishnan, Ryan Selkis, OpenSea, Space Whale, HoneyDAO, and AngelDAO.
Demox Labs mentioned in a press release shared with AlexaBlockchain that the funds will be used to develop zero-knowledge blockchain infrastructure for enterprises, implement privacy-based frameworks for developers, and enhance Leo Wallet’s privacy technology and interoperability with other blockchains.
Zero-knowledge proofs (ZKP) enable the verification of information without revealing the information itself, making it useful for digital identity protection, privacy-preserving transactions, global compliance, and ownership verification.
Barron Caster, CEO and Co-founder of Demox Labs, emphasized the importance of personal privacy and sovereignty and stated that Leo Wallet and ZKP technology will empower individuals to use modern technologies while maintaining legal and regulatory compliance.
Leo Wallet was designed specifically for zero-knowledge blockchains and garnered over 40,000 customers on its waitlist. Users can generate ZKPs directly in their browsers, ensuring complete confidentiality and enabling developers to create innovative privacy-first programs.
The $4.5 million funding will support Demox Labs’ mission to enhance control and protection of sensitive information using ZKPs. This includes further developing Leo Wallet and its compatibility with other privacy-focused blockchains, creating new privacy frameworks for developers, and advancing zero-knowledge technology for enterprises.
Ed Roman, Managing Director of HackVC, highlighted the significance of ZKP-based technology and infrastructure in ushering in a new era of information privacy for consumers and companies. He expressed confidence in Demox Labs’ role as a leader in privacy-preserving blockchain technology and infrastructure development.
Demox Labs’ efforts to expand ZKP infrastructure and Leo Wallet’s capabilities offer users unprecedented levels of privacy. Improved privacy and security through ZKP technology can foster trust between individuals and institutions, enabling new economic activities. Initially integrated with the Aleo Blockchain, Leo Wallet will be scaled in the future to support other zero-knowledge blockchains.
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