Yahya 
Telos, a leading light in the blockchain arena, has managed to gather a US $1 million investment from Presto Labs, a renowned capital company headquartered in Asia. This strategic partnership aims to complement the SNARKtors-powered Ethereum Layer 2 zkEVM network, aiming at its further development and implementation. The Telos community highlighted the crucial role this funding plays when they said they would use the funds for the development of the new SNARKtor-powered Ethereum Layer 2 zkEVM network that is being created by Telos. The raised money will not only support the incubation of SNARKtor Labs, the Hong Kong-based business unit within our organization that is focused on accelerating the technology infrastructure, but also cover our general operations and continuing development, they mentioned.
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Presto Labs Partners with Telos for L2 and SNARKtor Labs Expansion
The fact that Presto Labs has chosen to back Telos is an indication that the organization believes the blockchain project has the capability to be a breakthrough in innovation. With the helping hand of $1 million from Presto Labs, Telos’ efforts concerning scalability and privacy features in blockchain systems will be stimulated.
The opening of SNARKtor Labs in Hong Kong is Telos’ first step beyond the USA and in the direction of increasing the development of DeFi in Hong Kong. Such a tactic provides the basis for Telos to establish itself as a leader in blockchain innovation in Hong Kong, including a focus on speeding the adoption of ZK-proofing technology.
SNARKtor providing the answers to the scalability and privacy challenges of the blockchain is recognized as an outstanding leap in the blockchain infrastructure of Telos. The Telos project will implement Presto Labs technologies, and this will allow them to play the role of the leader in the new decentralized finance and digital sovereignty markets.