Demox Labs Launches Leo Wallet and Raises $4.5M to Build Zero Knowledge Secure Blockchain Infrastructure
Demox Labs, a pioneer in the development of zero-knowledge technology, announced today that it has raised a $4.5 million pre-funding round and debuted Leo Wallet, a first-of-its-kind privacy-focused cryptocurrency wallet for use with the Aleo blockchain. The funding round was led by HackVC with participation from DCVC, Amplify Partners, Coinbase Ventures, CRV, OpenSea and CSquared. The funding will be used to support the creation of zero-knowledge blockchain infrastructure for businesses, deploy privacy-based frameworks for innovative developers, and promote Leo Wallet’s privacy technology and interoperability with other blockchains.
Zero-knowledge proofs (ZKP) enable some information to be verified as true without revealing the information itself through the use of complex encryption. The applications of this technology include digital identity protection, privacy-preserving transactions, shielded transactions, global compliance and ownership verification.
“Personal privacy and sovereignty are cornerstones of any democracy. Today, citizens all over the world are losing their privacy to comply with necessary laws and regulations. Moreover, modern technologies require personalization, but this personalization has come with the cost of sacrificing privacy. Leo Wallet is just one example of how ZKP will empower individuals to use modern technologies and maintain legal and regulatory compliance without sacrificing privacy.” said Barron Caster, CEO and co-founder of Demox Labs. “We’re eager to bring this much-needed level of privacy to blockchain infrastructure, starting with Leo Wallet. Sharing sensitive data will soon become an option, not a requirement, and businesses in highly regulated industries will be able to innovate while maintaining the privacy of its customers.”
Leo Wallet was built from the ground up for blockchains with zero knowledge and had more than 40,000 customers registered on the waiting list when it was made available for download and use on the Aleo blockchain. Users now have the ability to generate ZKPs directly in their browsers, guaranteeing complete confidentiality and empowering developers to create innovative, privacy-first applications.
The $4.5 million funding round will be used to advance Demox Labs’ mission to increase control and protection of sensitive information through the use of ZKPs. This includes supporting Leo Wallet and its compatibility with other privacy-focused blockchains, creating new privacy frameworks for developers, and supporting the development of zero-knowledge technology for businesses. Part of the round was funded by notable investors in the crypto and blockchain industry, including Santiago Santos, Sriram Krishnan, Ryan Selkis, OpenSea, Space Whale and venture decentralized autonomous organizations (DAOs): HoneyDAO and AngelDAO.
“The introduction of blockchain technology and popular cryptocurrencies ushered in a new era of financial independence, and now ZKP-based technology and infrastructure will push consumers and companies into a new era of information protection. The technology being developed today by Demox Labs makes them one of the first to recognize the importance of privacy and act on the capabilities of ZKP for both the public and businesses.” said Ed Roman, CEO of HackVC. “As the need for protection and privacy in the digital era increases, ZKPs will become a more significant technology across many domains. Our investment will enable Demox Labs’ continued growth as a leader in privacy-preserving blockchain technology development and infrastructure.”
Demox Labs’ work to expand the ZKP infrastructure and Leo Wallet unlocks access to an unparalleled level of privacy for users of this new technology. By improving privacy and security, ZKP technology will increase trust between individuals and institutions that can unlock new levels of economic activity. Leo Wallet was created to integrate with Aleo Blockchain, which plans to launch its mainnet later this year. Demox Labs plans to scale the Leo Wallet in the coming months for use with other blockchains without knowledge.