Telos has secured a $1 million investment from Presto Labs, a prominent Asia-based venture capital firm, to support the development of their SNARKtor-powered Ethereum Layer 2 zkEVM network and SNARKtor Labs. The funding marks the beginning of a strategic partnership between the two entities, aiming to accelerate the growth of Telos’ ZK-proving technology infrastructure.
This collaboration will focus on the Asia Pacific region, known for its innovation in Web3 technologies. Telos, spearheaded by Executive Director John Lilic, unveiled plans for the new zkEVM L2 network at the TOKEN2049 event in Dubai, where Telos was a key sponsor. The investment from Presto Labs will facilitate the timely completion of the L2 project, a joint effort with Ponos Technology, a leading ZK research firm.
Expressing gratitude for the alliance with Presto Labs, John Lilic highlighted the benefits the partnership will bring to Telos and its community. He emphasized the strategic deployment of the capital to drive the growth of the network and amplify the impact of SNARKtor Labs in promoting the scalability and effectiveness of ZK technology.
Presto Labs, established in 2014 in Singapore, is renowned for its data-driven and technology-focused approach to funding blockchain projects. The team at Presto recognized Telos’ pioneering work in ZK-proving technology, particularly with SNARKtor, as a significant step towards mainstream blockchain adoption with practical global applications.
Telos, founded in 2018 through a fair drop network launch process, has evolved to oversee networks like Telos EVM and Telos Zero. The collaboration with Presto Labs marks a milestone in developing a high-performance zkEVM Layer 2 network powered by SNARKtor, aligning with Telos’ mission to promote self-sovereignty globally under the stewardship of The Telos Foundation.
Telos, an ecosystem launched in 2018 without any ICO or VC funding, features Telos EVM and Telos Zero, offering fast EVM and native consensus capabilities respectively. The upcoming zkEVM Layer 2 on Ethereum aims to enhance data protection and scalability for global use cases using SNARKtor technology.
Presto Labs, a Singapore-based firm founded in 2014, specializes in algorithmic trading and financial services, delivering exceptional value through research-driven investment strategies. With a significant presence in digital assets and traditional finance markets, Presto executes over 100 million trades daily, establishing itself as a key player in the financial services industry.
Image Source: Telos.com
