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Telos today announced it has accepted a strategic investment of $1 million USD from Presto Labs, a leading Asia-based venture capital firm and liquidity provider with an established track record in algorithmic trading. The capital raise signals the start of a long-term partnership between the two organizations, with the funds being allocated to the development of the new SNARKtor-powered Ethereum Layer 2 zkEVM network being developed by Telos.
“Presto Labs is one of the best in the world at what they do and partnering with them is going to be of great benefit to the Telos team and community. We are very fortunate and grateful for the opportunity,” said Lilic on the new alliance. “Our organization looks forward to deploying this new capital efficiently to enhance the growth of our new network, and to bolster the impact that SNARKtor Labs can have as we work to educate the world on the effectiveness that ZK technology can have at scale.
“We always take a data-driven and technology-focused approach, and we were extremely impressed with what Telos is building and wanted to be a part of it,” said Presto Labs co-founder Yongjin Kim. “This is the start of a long-term partnership between our two teams that can play a significant role in the mainstream adoption of blockchain through technology that has practical global use cases like the new network Telos is building.
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