Hong Kong, Hong Kong, May 8, 2024, Chainwire
Telos announced today that it has accepted a $1 million strategic investment from Presto Labs, a leading Asia-based venture capital firm and liquidity provider with an established track record in algorithmic trading. The capital raise marks the start of a long-term partnership between the two organizations, and the funds will be allocated to the development of the new SNARKtor-powered zkEVM layer 2 network developed by Telos. The capital will also help incubate the growth of SNARKtor Labs, Telos' Hong Kong-based business unit focused on accelerating Telos' ZK test technology infrastructure. SNARKtor Labs' corporate mandate stipulates that its interests must be fully aligned with those of the TLOS token to the extent that it contributes value to the token, directly or indirectly. Any profit the entity makes will be used to purchase and hold TLOS on its balance sheet.
The Telos and Presto Labs teams will work together with a special focus on the Asia Pacific region, which has become a hub for Web3 innovation and investment. CEO John Lilic revealed plans for Telos' new zkEVM L2 during his recent keynote speech at TOKEN2049 in Dubai, where Telos was one of the event's title sponsors. Presto's investment will help accelerate the completion of L2, which Telos is co-developing with leading ZK research firm Ponos Technology.
“Presto Labs is one of the best in the world at what they do and partnering with them will be of great benefit to the Telos team and community. “We are very fortunate and grateful for the opportunity,” Lilic said of the new alliance. “Our organization looks forward to deploying this new capital efficiently to enhance the growth of our new network and reinforce the impact SNARKtor Labs can have as we work to educate the world about the effectiveness ZK technology can have at scale.”
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Presto Labs was founded in Singapore in 2014 and has since provided funding to many leading pioneers in the blockchain development space. The Presto team sees Telos' recent innovations in the ZK test space, starting with SNARKtor, as a leading indicator of the powerful role the project can play in the coming years when it comes to this nascent technology.
“We've always taken a data-driven, technology-centric approach, and we were very impressed with what Telos is building and wanted to be a part of it,” said Presto Labs co-founder Yongjin Kim. “This is the beginning of a long-term partnership between our two teams that can play an important role in the widespread adoption of blockchain through technology that has practical global use cases, like the new network Telos is building.”
Telos launched in 2018 through a fair network launch that did not include a token sale or ICO. Since its inception, the Telos Foundation has helped oversee two major networks, Telos EVM and Telos Zero, and is now also focused on working with partners like Presto Labs to develop a high-performance, succinctly provable zkEVM L2 powered by SNARKtor. Telos and Presto Labs' new partnership will also include additional initiatives focused largely on Asia, where a significant portion of the two entities' work will be based.
About Telos
Telos is a decentralized blockchain ecosystem launched in 2018 without any ICO or VC funding that includes Telos EVM, the world's fastest EVM, and Telos Zero, a high-speed native consensus layer. An upcoming hardware-accelerated zkEVM Layer 2 is also being developed on Ethereum and will be powered by SNARKtor, a scalable and robust protocol for decentralized recursive test aggregation that aims to improve data protection and scalability for global use cases. Telos' core mission of bringing self-sovereignty to the entire world is overseen by the Telos Foundation, a non-owner foundation dedicated to the advancement of the Telos blockchain network and its community.
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About Presto Laboratories
Presto is a Singapore-based financial services and algorithmic trading company, founded in 2014. Presto focuses on delivering exceptional value to clients through a rigorous, research-based approach to investing and trade execution. With over 100 million trade executions in a day, Presto is a leading financial services company in both digital assets and traditional financial markets.
ContactTelos Foundation[email protected]
This article was originally published on Chainwire.
