Telos secures $1 million strategic investment from Presto Labs

Telos, a blockchain network, has announced a strategic investment of $1 million from Presto Labs. This investment will be used to develop a new Ethereum L2 zkEVM network powered by SNARKtor and drive the growth of SNARKtor Labs. SNARKtor Labs is a business division of Telos based in Hong Kong, focusing on accelerating Telos’ ZK proof technology infrastructure. Telos is collaborating with ZK research company Ponos Technology to develop L2.