ConsenSys Invests $1.15M into Ligero and an Undisclosed Amount into PDAX Crypto Exchange
ConsenSys Ventures, the venture capital arm of the ConsenSys development studio, has consistently sought out projects to invest in that will help with the innovation of the blockchain industry. Now, based on announcements from ConsenSys Ventures, their latest investment is in two startups that are still in the early stages of development, though they will be involved in the cryptocurrency and blockchain industries.
In the announcement, ConsenSys Ventures stated that their $1.15 million investment was allotted to Ligero, which focuses on zero-knowledge proof (ZKP) cryptography. Their other investment was towards PDAX, a crypto exchange in the Philippines that is regulated by the country’s central bank, but the announcement did not include how much was allotted to it. Founder Kavita Gupta of ConsenSys Ventures commented only that the latter received a “significant amount” that the platform will only be paying out a single time.
Gupta continued, saying that their mission continues to be the promotion of exchanges that feature privacy and accessibility as their priorities, which will help with the ultimate adoption of digital assets and blockchain technology. The purpose of getting involved in these companies is based on the unconventional way that they solve the issues of the industry’s privacy and accessibility.
The Philippines has seen plenty of remittance flow through its financial sector, and there seems to be more and more of these remittances occurring with the use of cryptocurrency. Optimally, co-founder and chief strategy officer Yang Yang Zhang of PDAX hopes that they will be able to lower the costs of remittance with their new support from ConsenSys Ventures. They also hope to correct some of the “inefficiencies” that the Philippines market has seen for years.
Ligero’s work will be primarily on private smart contracts, decentralized exchanges, and blockchains that offer private machine learning. The platform is also working on a protocol that will promote scalability for multi-party computation and ZKP in a secure way. Presently, a ZKP only ensures that a single party has the privacy they desire, according to co-founder and CTO Muthu Venkitasubramaniam. However, multiparty computation allows for sharing of this same data amongst multiple parties securely.
ConsenSys invested in three other blockchain startups at the beginning of the year, including an e-money blockchain startup, a crypto wallet, and trading platform, and an encryption-focused browser.