ConsenSys Invests $1.15M into PDAX Cryptocurrency Exchange
ConsenSys Ventures, the capital arm of the ConsenSys development studio, has systematically sought-after outcomes to take a position in this can facilitate with the innovation of the blockchain business. Now, supported announcements from ConsenSys Ventures, their latest investment is in 2 startups that still within the early stages of development, tho’ they’re going to be concerned within the cryptocurrency and blockchain industries.
In the announcement, ConsenSys Ventures declared that their $1.15 million investment was assigned to Ligero, that focuses on zero-knowledge proof (ZKP) cryptography. Their different investment was towards PDAX, a crypto exchange within the Philippines that are regulated by the country’s financial organization, however, the announcement didn’t embody what proportion was assigned to that. Founder Kavita Gupta of ConsenSys Ventures commented solely that the latter received a “significant amount” that the platform can solely be paying out one time.
Gupta continued, spoken communication that their mission continues to be the promotion of exchanges that feature privacy and accessibility as their priorities, which can facilitate with the last word adoption of digital assets and blockchain technology. the aim of obtaining concerned in these firms is predicated on the unconventional means that they solve the problems of the industry’s privacy and accessibility.
The Philippines has seen many remittal flow through its monetary sector, and there looks to be a lot of and a lot of those remittances occurring with the utilization of cryptocurrency. Optimally, co-founder and chief strategy officer principle Zhang of PDAX hopes that they’re going to be able to lower the prices of remittal with their new support from ConsenSys Ventures. They conjointly hope to correct a number of the “inefficiencies” that the Philippines market has seen for years.
Ligero’s work is totally on personal good contracts, decentralized exchanges, and blockchains that supply personal machine learning. The platform is additionally performing on a protocol which will promote measurability for multi-party computation and ZKP during a secure means. Presently, a ZKP solely ensures that one party has the privacy they need, per co-founder and CTO Muthu Venkitasubramaniam. However, multiparty computation permits for sharing of this same information amongst multiple parties firmly.
ConsenSys invested within 3 different blockchain startups at the start of the year, together with associate degree e-money blockchain startup, a crypto pocketbook, and commercialism platform, degreed an encryption-focused browser.
As per the latest news, ConsenSys Labs is also being organized and would be close the incubator, and rather than this it will function is a more old-style way.
The report announced its plans to streamline and toughen its business style amid an increasingly “crowded” competitive blockchain space.
Company CEO Joseph Lubin reportedly said then that “we must retain, and in some cases regain, the lean and gritty startup mindset that made us who we are.” While the company plans to reassign staff from shuttered projects to other initiatives, Lubin reportedly “did not rule out layoffs.”
ConsenSys said that it is discussing the situation with every project to “determine a path forward, whether that will be internal as a part of ConsenSys 2.0, or as an external entity.”