From Investing.com: 2024-05-07 23:42:06

Telos secures a $1 million investment from Presto Labs to develop the SNARKtor-powered Layer 2 zkEVM network in Hong Kong. The partnership aims to accelerate Telos’ ZK-proving technology infrastructure, with a focus on driving value to the TLOS token and expanding Web3 innovation and investment in the Asia Pacific region.

Presto Labs, a leading venture capital firm in Singapore, views Telos’ ZK-proving innovations as a key player in blockchain development. The $1 million investment signifies a long-term partnership to promote mainstream blockchain adoption through practical global use cases. The collaboration will also support Telos’ hardware-accelerated zkEVM Layer 2 on Ethereum.

Telos, a decentralized blockchain ecosystem established in 2018 without ICO or VC funding, continues to innovate with Telos EVM and Telos Zero networks. The partnership with Presto Labs highlights a shared commitment to developing a highly performant and provable SNARKtor-powered L2 zkEVM, with a focus on Asia-based initiatives for blockchain advancements.

Read more at Investing.com: Telos Secures $1M in Funding From Presto Labs to Develop SNARKtor-Powered L2 and SNARKtor Labs By Chainwire