Espresso Systems Raises $32M in Funding Led by Greylock Partners and Electric Capital
Espresso Systems, a scaling and privacy system for Web 3 applications, has raised $32 million in funding led by Greylock Partners and Electric Capital, with participation from Sequoia Capital.
Other participants in the round included Blockchain Capital and Slow Ventures. The funding will go toward expanding the team, product development, and bringing products to market.
“We are excited to back Espresso Systems as they tackle two of the key obstacles that will unlock long-promised applications of blockchain systems: lower fees and enhanced privacy guarantees,” said Greylock Partners investor Seth Rosenberg in a press release.
Espresso Systems is developing Espresso: a layer 1 blockchain system that combines proof-of-stake consensus and a ZK-Rollup mechanism to achieve high throughput and low fees.
Espresso has also developed Configurable Asset Privacy for Ethereum (CAPE), an application that can run on any EVM blockchain (and will eventually run on Espresso natively). CAPE enables asset creators to offer users customized privacy guarantees.
CAPE (Configurable Asset Privacy for Ethereum) is a smart-contract application developed by Espresso Systems which enables digital asset creators to determine who can see what information about the activity in the tokens they mint.
At the outset, CAPE will support the creation and wrapping of ERC-20 tokens with support for non-fungible tokens (NFT) to follow.
“Espresso systems will allow developers and asset issuers to build stablecoins that are fast, private and compliant; NFTs that are accessible; and DeFi applications that are more efficient,” added Greylock’s Rosenberg.
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