Aztec Labs has relaunched zk.money, a privacy wallet designed for Ethereum, enabling confidential stablecoin transactions.
Aztec Revives zk.money
Aztec Labs has brought back zk.money, a privacy wallet that had been inactive for three years, now running on the Aztec Network, a layer-2 solution focused on enhancing transaction privacy on Ethereum.
The updated wallet allows users to send stablecoins using unique tags like bob.zk.money, which links to an Ethereum deposit address. This will keep their transactions confidential while Ethereum deposits remain visible on the chain.
In its initial rollout, zk.money will have a transaction limit of $2,500. The original version had previously reached over 75,000 wallets and processed around $100 million in transactions before being paused to shift focus towards network improvements.
Joe Andrews, CEO of Aztec Labs, stated, "Onchain transactions between two individuals shouldn't mean publishing your financial history to the world," highlighting the wallet's focus on privacy.
Transactions are managed with zero-knowledge proofs, which authenticate transactions without revealing any details. However, while internal wallet transactions maintain privacy, deposits from external sources like exchanges will still be public. Users can transfer popular stablecoins like USDC, USDT, or DAI, but they must adhere to a daily deposit cap of $50,000, shared among all users.
Aztec emphasizes that zk.money is a self-custodial wallet, meaning it cannot access or freeze user funds, nor does it have any administrative control over accounts. This relaunch aligns with a broader push for privacy features within the Ethereum ecosystem, as developers plan for upcoming network upgrades that may allow for new privacy solutions.
