Coinspeaker
Telos Secures $1M Investment from Presto Labs, Accelerating zkEVM Layer 2 Development

Telos, a decentralized blockchain ecosystem founded in 2018, has taken a major step forward, announcing that they have accepted an investment of $1 million from Presto Labs, a Singapore-based venture capital firm and liquidity provider launched in 2014. This capital injection will be used to develop Telos’ new zkEVM Layer 2 solution powered by SNARKtor technology. The funds will also help foster the growth of SNARKtor Labs, the blockchain’s firm business unit dedicated to improving Telos’ ZK.

The partnership between the two firms is expected to have a far-reaching impact. The Asia Pacific region will be more prioritized, which has grown to become a hub for Web3 and blockchain innovation. The investment will also help hasten the completion of the L2, of which Telos is one of the developers, alongside ZK research firm Ponos Technology.

Fueling Growth and Global Impact

While speaking about the partnership with Presto Labs, Telos Executive Director John Lilic praised Presto as one of the best in the world at what they do; he further said partn...