Espresso Systems Raises $32M to Bring Scaling and Privacy to Web 3

Espresso Systems Raises $32M to Bring Scaling and Privacy to Web 3
  • Espresso Systems, a blockchain-based marketplace for global coffee supply-chain transparency, announced today that it has raised $32M from multiple investors. The company was cofounded by COO, Jeff Wilson, and CTO, Alex Leung, in 2016.
  • Espresso Systems Inc. (ESSP) today announced that it has raised a $32 million Series B round of funding led by B Capital Partners and existing investors, bringing the Series B to $55 million.

Is it worth investing in Espresso? Future Plans of Espresso

  • Espresso intends to keep interoperability at the core of its plans, for example, by creating bridges between Ethereum and other major chains so the line between layer-1 and layer-2 can be “blurred” and benefit from its scaling and privacy properties in the future, Fisch said.
  • The company will use the funding to grow the team and its products. Its first product to be released is an Ethereum Virtual Machine application, known as Configurable Asset Privacy for Ethereum (CAPE). It would enable creators of digital assets, such as ERC-20 tokens on Ethereum, to add a privacy-mode switch to their assets so transactions can be seen by select parties, Fisch said
  • The company has a plan to make it easier to access its cloud-based platform, the Espresso Platform, on other blockchains, including Ethereum, Stellar, and Waves. “We know that the Ethereum blockchain is one of the most important,” said Espresso co-founder and CEO Timo Schlaefer. “But we want to make it more accessible.”
  • “We want to make the bridge between blockchain and traditional finance,” Espresso cofounder and CEO Matthew Di Ferrante said. “If you look at the banking sector today, they’re moving towards a model where we’re bringing all of these different legacy systems together, so you can do things more quickly and more cheaply.”

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