Startups > Aztec

Aztec

Aztec brings programmable privacy to Ethereum through encrypted Layer 2 transactions.

Series B $178.3M total Founded 2017 London, England 65 employees

Aztec is a privacy-first Layer 2 rollup for Ethereum that enables encrypted transaction execution and private smart contracts while maintaining public verifiability through zero-knowledge proofs. Unlike privacy blockchains like Zcash, Aztec is programmable—developers can specify privacy at granular levels (users, data, metadata, or full contract logic) using the Noir language. It uses client-side proof generation to keep sensitive data off centralized servers, enabling institutions and users to conduct confidential DeFi operations on Ethereum.

Problem solved

Blockchain transparency prevents institutional and privacy-conscious users from adopting Ethereum for sensitive financial operations, limiting mainstream adoption.

Target customer

Ethereum developers, DeFi protocols, and institutions requiring confidential transaction execution and private smart contract logic on a public blockchain.

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Founders

Zac Williamson

CEO

Particle physicist at CERN and T2K Japan; co-invented the PLONK zero-knowledge proof algorithm.

Joe Andrews

Chief Product Officer

Co-leads Aztec Network alongside Zac Williamson; leads product strategy.

Tom Walton-Pocock

Co-founder

Early co-founder of Aztec Network.

Arnaud Schenk

Co-founder

Focused on launching the initial CreditMint platform and early team recruitment.

Funding history

Series A $17M December 2021 Led by Paradigm · Unknown

Series B $100M December 2022 Led by Andreessen Horowitz (a16z crypto) · A Capital, King River, Variant, SV Angel, Hash Key, Fenbushi, AVG

Token Sale $61.3M December 2025 Led by Community (Continuous Clearing Auction) · 16,741 participants

Total raised: $178.3M

Industries

Ethereum Blockchain Privacy Software

Pricing

Not publicly available. The Aztec token is used to pay for blockspace on the Layer 2, rewards sequencers and provers, and provides governance rights.

Notable customers

AzguardWallet, NemiDeFi, Raven House NFT, ZKPassport; previous products zk.money (20,000+ users, $35M deposits) and Aztec Connect (integrated with Aave, Lido, Element Finance, Curve, Compound, Liquity) were shut down in 2023.

Integrations

Ethereum (Layer 2), Aave, Lido, Element Finance, Curve, Compound, Liquity, Uniswap Labs (token auction mechanism)

Tech stack

React (JavaScript frameworks) web-vitals (JavaScript libraries) Next.js (Web servers) webpack Open Graph Node.js (Programming languages) Amazon S3 (CDN) Amazon Cloudfront (CDN) Amazon Web Services (PaaS) AWS Certificate Manager (SSL/TLS certificate authorities)

Website

aztec.network/

Competitors

Zcash

Privacy-focused blockchain with limited programmability; Aztec enables complex private smart contracts and DeFi applications.

Iron Fish

Privacy blockchain with fixed capabilities determined by creators; Aztec offers developer-controlled programmable privacy.

Monero

Focuses on private transfers with fixed protocols; Aztec enables granular privacy specification across custom applications.

Railgun

Privacy protocol with different architectural approach; Aztec differentiates through client-side proofs and Ethereum Layer 2 integration.

Why this matters: Aztec represents a significant architectural shift in blockchain privacy—moving from fixed-privacy coins (Zcash, Monero) to programmable confidentiality on Ethereum. With $178M+ in funding (including a16z and Vitalik Buterin), client-side proof generation (CHONK), and the novel Noir language, Aztec is pioneering how institutions can conduct private DeFi operations at scale while maintaining composability with Ethereum.

Best for: Ethereum developers and DeFi protocols requiring encrypted contract execution, private asset transfers, and confidential state management without sacrificing composability.

Use cases

Private DeFi Transactions

Users can conduct lending, borrowing, or token swaps on Ethereum-based protocols while keeping transaction amounts, counterparties, and collateral balances encrypted. Aztec's zero-knowledge proofs verify correctness publicly, enabling institutional capital to flow through DeFi without exposure of sensitive financial information.

Confidential Smart Contracts

Developers build private decentralized applications (private exchanges, lending protocols, NFT platforms) where contract state and execution details remain encrypted. Using Noir, they specify exactly which data layers require privacy—users, metadata, or full logic—rather than choosing between full transparency or full secrecy.

Institutional Financial Services

Institutions can issue debt, manage treasury operations, and conduct corporate transactions on a public blockchain while maintaining confidentiality of counterparty information and transaction amounts, addressing the privacy barrier that previously blocked mainstream adoption.

Alternatives

Zcash Privacy coin with limited programmability; use if you only need confidential transfers, not private smart contracts.

Secret Network Privacy-focused blockchain with encrypted smart contracts; use if you prefer an independent chain over Ethereum Layer 2 integration.

RAILGUN Privacy protocol that works across multiple blockchains; use if you need multi-chain privacy rather than Ethereum-specific execution.

FAQ

What does Aztec do? +

Aztec is a privacy-first Layer 2 rollup for Ethereum that enables private transaction execution and encrypted smart contracts while maintaining public verifiability through zero-knowledge proofs. Developers use Noir to specify privacy at granular levels—users, data, metadata, or full contract logic—enabling complex private DeFi applications. Proofs are generated client-side on user devices, keeping sensitive data off centralized servers.

How much does Aztec cost? +

Pricing is not publicly detailed. Users pay for blockspace using the Aztec token, similar to gas fees on Ethereum. Exact pricing depends on transaction complexity and network demand.

What are alternatives to Aztec? +

Zcash offers privacy transfers but lacks programmability. Iron Fish and Monero are privacy blockchains with fixed capabilities. Railgun provides cross-chain privacy. Secret Network offers encrypted smart contracts on an independent chain.

Who uses Aztec? +

Target users include Ethereum developers, DeFi protocol builders, institutions requiring confidential financial operations, and privacy-conscious users. Current applications include AzguardWallet, NemiDeFi, and ZKPassport. Previous products zk.money and Aztec Connect accumulated 20,000+ users and $35M in deposits before sunsetting in 2023.

How does Aztec compare to Zcash? +

Aztec is a programmable Layer 2 on Ethereum enabling complex private applications, while Zcash is a standalone privacy blockchain with fixed protocols determined by creators. Aztec allows developers to specify privacy at granular levels; Zcash provides universal privacy for transfers. Aztec integrates with Ethereum DeFi; Zcash operates independently.