Telos Secures $1M in Funding From Presto Labs to Develop SNA...

Telos today announced it has accepted a strategic investment of $1 million USD from Presto Labs, a leading Asia-based venture capital firm and liquidity provider with an established track record in algorithmic trading. The capital raise signals the start of a long-term partnership between the two organizations, with the funds being allocated to the development of the new SNARKtor-powered Ethereum Layer 2 zkEVM network being developed by Telos. The capital will also help incubate the growth of SNARKtor Labs, Telos' Hong Kong-based business unit focused on the acceleration of Telos' ZK-proving technology infrastructure. The SNARKtor Labs corporate mandate stipulates that its interests must be fully aligned with that of the TLOS token in so far as it drives value to the token, directly or indirectly. Any profits the entity earns will be used to buy and hold TLOS on its balance sheet. Telos...