Aztec Labs Revives zk.money Wallet on Aztec Network Layer 2
Aztec Labs has relaunched its zk.money wallet on the Aztec Network Layer 2, three years after shutting down the original version. The new wallet is a self-custodial privacy wallet that allows users to make private crypto payments without exposing their balances or transactions on a public ledger.
The original zk.money processed over $100 million in volume and had 75,000 unique wallets before it was discontinued due to scalability limits. Aztec Labs has raised $125 million to date, including a $100 million Series B in 2022 from a16z crypto and Paradigm.
Aztec Labs' CEO Joe Andrews said that on-chain transactions between individuals should not expose their financial history to the public. The new wallet is built on Aztec Network, which was developed over the past three years as a decentralized Layer 2 for private applications on Ethereum.