TechFlow News — On March 7, Espresso Systems, a Web3 application scaling and privacy system, announced $32 million in funding led by Greylock Partners and Electric Capital, with participation from Sequoia Capital, Blockchain Capital, and Slow Ventures.
Espresso Systems is developing Layer 1 blockchain infrastructure that integrates proof-of-stake consensus protocols with zk rollup technology to enable fast, low-cost transactions. The project's Ethereum-based Configurable Asset Privacy (CAPE) smart contract application aims to give creators customizable privacy over sender and receiver addresses, as well as the amount and type of assets held or transferred. These elements can be set as public, private, or transparent only to selected parties. CAPE will support the creation and wrapping of ERC-20 tokens, with future support for NFTs.
