Telos Secures $1M Investment from Presto Labs for New SNARKtor-Powered L2

Exciting News from Hong Kong!

The well-known Telos platform recently announced a significant breakthrough on May 8th, 2024. Presto Labs, a renowned venture capital firm and liquidity provider based in Asia, has invested a whopping $1 million USD in Telos. This strategic move marks the beginning of a promising partnership between the two entities.

Investing in Innovation

The funds from the investment will be channeled towards the development of Telos’ latest project – the SNARKtor-powered Layer 2 zkEVM network. This cutting-edge initiative is set to revolutionize the blockchain landscape. Additionally, the capital infusion will support the growth of SNARKtor Labs, Telos’ Hong Kong division dedicated to advancing ZK-proving technology infrastructure.

An Exclusive Collaboration

Working hand in hand, Telos and Presto Labs will focus their efforts on leveraging opportunities in the Asia Pacific region. This area has emerged as a vibrant hub for Web3 innovations and investments. John Lilic, Telos’ Executive Director, shared these exciting developments during his keynote address at TOKEN2049 in Dubai, where Telos played a prominent role as a sponsor.

“Partnering with Presto Labs is a game-changer for Telos and its community,” remarked Lilic. “The infusion of capital will propel the growth of our new network, amplify the impact of SNARKtor Labs, and showcase the transformative capabilities of ZK technology on a global scale.”

Leading the Way

Presto Labs, established in Singapore in 2014, is known for backing trailblazers in the blockchain realm. The firm’s co-founder, Yongjin Kim, expressed admiration for Telos’ strides in ZK-proving technology, particularly SNARKtor. This collaboration signifies a long-term commitment to advancing blockchain adoption through practical, globally relevant technology.

Exciting times lie ahead as Telos charts its course with this strategic alliance, driving innovation and adoption in the blockchain space. Stay tuned for more updates!

About Telos

Since its inception in 2018, Telos has carved a niche as a decentralized blockchain ecosystem with a unique genesis – a fair drop network launch devoid of ICOs or VC funding. With landmark projects like Telos EVM and Telos Zero under its belt, Telos is now steering towards a hardware-accelerated zkEVM Layer 2, powered by SNARKtor.

About Presto Labs

Presto Labs, a pioneer in algorithmic trading and financial services, prides itself on a research-driven approach that delivers exceptional value to clients. With a solid track record of over 100 million daily trade executions, Presto holds a prominent position in both digital assets and traditional finance markets.

Contact Telos Foundation [email protected]