Telos announces a strategic investment of $1 million from Presto Labs.

ChainCatcher news, Layer1 blockchain Telos announced a strategic investment of $1 million from the Asian venture capital firm and liquidity provider Presto Labs. The funds will be used to develop the Ethereum Layer2 zkEVM network based on SNARKtor and will also help incubate the development of SNARKtor Labs.

According to the Web3 asset data platform RootData, Telos is a third-generation blockchain platform for building fast, scalable distributed applications without any transactions. Telos launched its mainnet in December 2018.

It is reported that SNARKtor Labs is Telos's business unit in the Hong Kong region, focusing on accelerating Telos's ZK proof technology infrastructure.