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Aleo Blockchain Debuts New Wallet "Leo" by Demox Labs

Demox Labs introduces "Leo," a new wallet for the privacy-oriented Aleo blockchain, bolstered by a $4.5 million funding round to further develop ZK-proof technology.

Privacy-centric Aleo blockchain is set to introduce a new wallet, named "Leo," developed by Demox Labs. The wallet enables users to create zero-knowledge (ZK) proofs within their browsers for interacting with Aleo’s ZK-based apps. As per a June 1 announcement, Aleo is currently in the testnet phase, with plans for a mainnet launch later in the year.

Additionally, Demox has raised $4.5 million in funding to accelerate the development of ZK-proof technology across Aleo and other networks. The investment round, led by Hack VC, saw contributions from DCVC, Amplify Partners, Coinbase Ventures, CRV, OpenSea, and CSquared. The capital raised will help make Leo compatible with other ZK-proof blockchains and facilitate the development of Web3 applications for enterprises.

Barron Caster, the co-founder and CEO of Demox Labs, views the wallet’s launch and fundraising as the beginning of a new privacy-focused era in Web3. He stated, "Leo Wallet is just one example of how [zero-knowledge proofs] will empower individuals to use modern technologies and maintain legal and regulatory compliance without sacrificing personal privacy. [...] Sharing sensitive data will soon become an option, not a requirement."

Echoing these views, Aleo CEO Alex Pruden told Cointelegraph that zero-knowledge privacy technology offers "programmable privacy." He further emphasized that Aleo will support all functionalities available on Ethereum, but with added privacy.