Presto Invests in Telos, a Layer 2 Network Developer

Cooperation Planned Centered on the Asia-Pacific Region

Singapore-based algorithm trading company Presto announced on the 8th that it has invested in Telos, which is developing a zero-knowledge Ethereum Virtual Machine (zkEVM)-based Layer 2 network.

Presto and Telos plan to collaborate with a focus on the Asia-Pacific region, which has become a hub for innovation and investment in the Web3 industry. Through this investment, Telos will accelerate the development of a decentralized zero-knowledge SNARK proof aggregation protocol. Additionally, the funds will be used to support the growth of SNARKtor Labs, Telos's Hong Kong division.

Telos is a decentralized blockchain ecosystem that started in 2018 and has released Telos EVM, an EVM with improved processing speed, and Telos Zero, a native consensus layer. Currently, it is developing a hardware-accelerated zkEVM Layer 2 for Ethereum, which is soon to be launched. The zkEVM Layer 2 is based on SNARKtor, a decentralized zero-knowledge SNARK proof aggregation protocol.

A representative from Presto stated, “This partnership marks the beginning of a long-term collaboration between two teams that can play a crucial role in popularizing blockchain with practical use cases, like the new network Telos is building.”

John Lilly, Director of Telos, said, “The partnership with Presto will be a great help to the Telos team and community. Telos plans to efficiently allocate the investment funds to strengthen the growth of the new network and enhance its influence by working to promote the impact that zero-knowledge proof technology can bring worldwide.”