Blockchain company StarkWare has unveiled zero-knowledge (ZK) prover STARK Two (S-two), enabling enhanced privacy and verification on everyday devices like phones, laptops and browsers. 

The company said the new ZK prover allows users to generate complex cryptographic proofs from the client side. This means users can generate ZK-proofs directly on their devices instead of relying on a server or cloud infrastructure, opening the door for faster and more private applications across the internet. 

“S-two will bring STARK proving to everyday devices, and open the door for new real-world proving use cases,” said Eli Ben-Sasson, StarkWare co-founder and CEO, adding that the tool could empower the next wave of ZK applications. 

The company said the ZK prover is now available in public alpha and is set to roll out on Starknet, its Ethereum layer-2 scaling solution, later this year.  

StarkWare says new ZK prover is 39 times faster than old solutions 

StarkWare said that benchmark tests for the S-two ZK prover showed that it was 39 times faster than previous solutions. The performance leap enables smoother experiences in privacy-enhancing applications. 

The upgrade also allows use cases in private transactions, ZK-based identity and verifiable artificial intelligence. StarkWare said S-two runs on CPUs, GPUs and will soon be on browsers. 

“For years we’ve called the prover our magic wand, a tool that transforms complex computation into a simple proof,” Ben-Sasson said. “Now, the wand has become a lightsaber in your pocket, something anyone can wield, instantly, from your own device.”

According to StarkWare, developers can build with S-two, adding that its alpha release supports hardware targets. Furthermore, the company said ZK ecosystem participants like Kakarot, Nexus, ZAN and AntChain OpenLabs have already adopted the technology. 

Kakarot uses S-two inside ETHProofs to generate Ethereum block proofs more efficiently, while Nexus is standardizing RISC-V traces to align with S-two’s architecture. Meanwhile, ZAN and AntChain OpenLabs are adding GPU acceleration to push the prover’s performance even further.

Use cases for S-two zero-knowledge prover

StarkWare chief operating officer Oren Katz told Cointelegraph that S-two marks a shift in how ZK-proofs are used in daily lives. Generating validity proofs directly in devices would allow privacy-preserving features in messaging, payments and digital identity. 

“You can prove a payment was valid without showing your balance, or verify identity without revealing personal details,” Katz added. 

Katz said that even salary payments could be made onchain with full transparency and no exposure of sensitive information. He dubbed the development a “big step toward bringing zero-knowledge tech into the mainstream.”

Beyond privacy, Katz said local proof generation also unlocks use cases in other industries. The executive told Cointelegraph that it could allow gamers to play offline and later generate cryptographic proof of their achievements. 

“An operator, instead of running all logic onchain to prove integrity, can run it on their own servers and simply generate a proof that it was executed correctly,” Katz added.

Related: Ethereum co-founder responds to Sweden’s cashless-society rethink

New ZK prover follows Ethereum’s privacy push

The launch of StarWare’s upgraded ZK prover follows Ethereum’s push for better privacy. On April 11, Ethereum co-founder Vitalik Buterin published a roadmap that addresses privacy enhancements for wallets, decentralized finance (DeFi) applications and infrastructure. 

Buterin advocated implementing privacy-enhancing norms and features across the Ethereum ecosystem, including adding privacy tools in ETH wallets. 

Magazine: TradFi is building Ethereum L2s to tokenize trillions in RWAs: Inside story

Blockchain company StarkWare has unveiled zero-knowledge (ZK) prover STARK Two (S-two), enabling enhanced privacy and verification on everyday devices like phones, laptops and browsers. 

The company said the new ZK prover allows users to generate complex cryptographic proofs from the client side. This means users can generate ZK-proofs directly on their devices instead of relying on a server or cloud infrastructure, opening the door for faster and more private applications across the internet. 

“S-two will bring STARK proving to everyday devices, and open the door for new real-world proving use cases,” said Eli Ben-Sasson, StarkWare co-founder and CEO, adding that the tool could empower the next wave of ZK applications. 

The company said the ZK prover is now available in public alpha and is set to roll out on Starknet, its Ethereum layer-2 scaling solution, later this year.  

StarkWare says new ZK prover is 39 times faster than old solutions 

StarkWare said that benchmark tests for the S-two ZK prover showed that it was 39 times faster than previous solutions. The performance leap enables smoother experiences in privacy-enhancing applications. 

The upgrade also allows use cases in private transactions, ZK-based identity and verifiable artificial intelligence. StarkWare said S-two runs on CPUs, GPUs and will soon be on browsers. 

“For years we’ve called the prover our magic wand, a tool that transforms complex computation into a simple proof,” Ben-Sasson said. “Now, the wand has become a lightsaber in your pocket, something anyone can wield, instantly, from your own device.”

According to StarkWare, developers can build with S-two, adding that its alpha release supports hardware targets. Furthermore, the company said ZK ecosystem participants like Kakarot, Nexus, ZAN and AntChain OpenLabs have already adopted the technology. 

Kakarot uses S-two inside ETHProofs to generate Ethereum block proofs more efficiently, while Nexus is standardizing RISC-V traces to align with S-two’s architecture. Meanwhile, ZAN and AntChain OpenLabs are adding GPU acceleration to push the prover’s performance even further.

Use cases for S-two zero-knowledge prover

StarkWare chief operating officer Oren Katz told Cointelegraph that S-two marks a shift in how ZK-proofs are used in daily lives. Generating validity proofs directly in devices would allow privacy-preserving features in messaging, payments and digital identity. 

“You can prove a payment was valid without showing your balance, or verify identity without revealing personal details,” Katz added. 

Katz said that even salary payments could be made onchain with full transparency and no exposure of sensitive information. He dubbed the development a “big step toward bringing zero-knowledge tech into the mainstream.”

Beyond privacy, Katz said local proof generation also unlocks use cases in other industries. The executive told Cointelegraph that it could allow gamers to play offline and later generate cryptographic proof of their achievements. 

“An operator, instead of running all logic onchain to prove integrity, can run it on their own servers and simply generate a proof that it was executed correctly,” Katz added.

Related: Ethereum co-founder responds to Sweden’s cashless-society rethink

New ZK prover follows Ethereum’s privacy push

The launch of StarWare’s upgraded ZK prover follows Ethereum’s push for better privacy. On April 11, Ethereum co-founder Vitalik Buterin published a roadmap that addresses privacy enhancements for wallets, decentralized finance (DeFi) applications and infrastructure. 

Buterin advocated implementing privacy-enhancing norms and features across the Ethereum ecosystem, including adding privacy tools in ETH wallets. 

Magazine: TradFi is building Ethereum L2s to tokenize trillions in RWAs: Inside story

Fintech companies Taurus and Parafin have partnered to deliver blockchain infrastructure to financial institutions in Europe and Latin America — a move aimed at accelerating the adoption of crypto custody and settlement services across both regions.

As part of the partnership, Taurus has integrated its product suite into Parafin’s institutional platform, creating an end-to-end solution for digital asset management, including custody, governance, and compliant token issuance, the companies announced on May 27.

Financial institutions using the integrated Taurus-Parafin solution will gain access to custody and tokenization services, real-time wallet execution and a full range of trading capabilities.

Taurus is an enterprise digital asset custody and tokenization solution that enables businesses to issue, store and trade a range of crypto products. 

Parafin, by contrast, is not a blockchain-native company; instead, it offers financial infrastructure and merchant services for small businesses. In December, the company was valued at $750 million following a $100 million late-stage funding round. 

Taurus said the Parafin partnership gives it deeper inroads into Latin America, a region known for its heightened crypto adoption. 

Crypto transactions are on the rise in Latin America. Source: Chainalysis

Related: Turkish digital bank Bankpozitif to debut crypto custody with Taurus

Institutional interest in Bitcoin and crypto is growing

While the relationship between financial institutions and digital assets has been complex and evolving, a wave of positive regulatory developments in the US and globally has spurred broader adoption.

Banks are increasingly offering custody services for digital assets, while some institutions now facilitate crypto trading and investment. Several large banks, including JPMorgan, have also experimented with blockchain technology. 

A significant turning point came in April, when the US Federal Reserve eased restrictions on financial institutions engaging in cryptocurrency activities. Bitcoin (BTC) advocate Michael Saylor called the move a major milestone for banks looking to support digital assets.

On May 23, The Wall Street Journal reported that a group of major banks, including Bank of America, Wells Fargo, Citigroup and JPMorgan, has been discussing potentially issuing a stablecoin. 

If you can’t beat them, join them? An excerpt from NYU professor Austin Campbell’s recent X post claiming that the US banking lobby is “panicking” about yield-bearing stablecoins. Source: Austin Campbell

The report surfaced amid rising speculation that the US banking sector sees yield-bearing stablecoins as a potential threat to its traditional business models.

Related: Institutional Bitcoin buying may soon price out retail — LONGITUDE panel

Fintech companies Taurus and Parfin have partnered to deliver blockchain infrastructure to financial institutions in Europe and Latin America — a move aimed at accelerating the adoption of crypto custody and settlement services across both regions.

As part of the partnership, Taurus has integrated its product suite into Parfin’s institutional platform, creating an end-to-end solution for digital asset management, including custody, governance, and compliant token issuance, the companies announced on May 27.

Financial institutions using the integrated Taurus-Parfin solution will gain access to custody and tokenization services, real-time wallet execution and a full range of trading capabilities.

Taurus is an enterprise digital asset custody and tokenization solution that enables businesses to issue, store and trade a range of crypto products. 

Parfin, by contrast, is not a blockchain-native company; instead, it offers financial infrastructure and merchant services for small businesses. In December, the company was valued at $750 million following a $100 million late-stage funding round. 

Taurus said the Parfin partnership gives it deeper inroads into Latin America, a region known for its heightened crypto adoption. 

Crypto transactions are on the rise in Latin America. Source: Chainalysis

Related: Turkish digital bank Bankpozitif to debut crypto custody with Taurus

Institutional interest in Bitcoin and crypto is growing

While the relationship between financial institutions and digital assets has been complex and evolving, a wave of positive regulatory developments in the US and globally has spurred broader adoption.

Banks are increasingly offering custody services for digital assets, while some institutions now facilitate crypto trading and investment. Several large banks, including JPMorgan, have also experimented with blockchain technology. 

A significant turning point came in April, when the US Federal Reserve eased restrictions on financial institutions engaging in cryptocurrency activities. Bitcoin (BTC) advocate Michael Saylor called the move a major milestone for banks looking to support digital assets.

On May 23, The Wall Street Journal reported that a group of major banks, including Bank of America, Wells Fargo, Citigroup and JPMorgan, has been discussing potentially issuing a stablecoin. 

If you can’t beat them, join them? An excerpt from NYU professor Austin Campbell’s recent X post claiming that the US banking lobby is “panicking” about yield-bearing stablecoins. Source: Austin Campbell

The report surfaced amid rising speculation that the US banking sector sees yield-bearing stablecoins as a potential threat to its traditional business models.

Related: Institutional Bitcoin buying may soon price out retail — LONGITUDE panel

Circle, the issuer of USDC, the second-largest stablecoin by market capitalization, has launched an initial public offering (IPO) of 24 million shares of its Class A common stock, the company said on May 27.

The firm has applied to list its Class A common stock on the New York Stock Exchange (NYSE) under the ticker symbol CRCL. As part of the offering, Circle is issuing 9.6 million shares of Class A common stock, the company said in a news release.

The remaining 14.4 million shares of Class A common stock will be offered by selling stockholders. Circle is also expected to grant the underwriters a 30-day option to buy up to an additional 3.6 million shares of Class A common stock to cover over-allotments.

The IPO involves participation from several major US investment banks, with JPMorgan, Citigroup and Goldman Sachs acting as joint lead active bookrunners, the announcement added.

An excerpt from the title page of Circle’s Form S-1 IPO filing. Source: SEC

The offering will also feature European banks, including Barclays, Deutsche Bank Securities and Societe Generale acting as bookrunners.

The IPO’s co-managers include BNY Capital Markets, Canaccord Genuity, Needham, Oppenheimer and Santander, while junior co-managers are AmeriVet Securities, Drexel Hamilton, Mischler Financial Group and Roberts and Ryan.

IPO price between $24 and $26 per share

Circle currently expects to offer IPO shares at a price ranging from $24 to $26 per share, potentially raising between $576 million and $624 million.

In its Form S-1 filing on Tuesday, Circle said it will not receive any proceeds from the sale of shares of Class A common stock by the selling stockholders.

“The offering is subject to market conditions, and there can be no assurance as to whether or when the offering may be completed, or as to the actual size or terms of the offering,” Circle noted.

The company said the shares may not be sold prior to the time the registration statement becomes effective. Crypto-focused investors like Cathie Wood’s ARK Invest have indicated an interest in purchasing up to $150 million of IPO shares, Circle noted in the filing, adding:

“However, because indications of interest are not binding agreements or commitments to purchase, the underwriters could determine to sell more, fewer or no shares to any of these potential purchasers, and any of these potential purchasers could determine to purchase more, fewer or no shares in this offering.”Circle reportedly targets a $6.7 billion valuation

According to a report by Reuters, Circle targeted a valuation of up to $6.71 billion on a fully diluted basis in its IPO offering.

The firm previously attempted to go public through a blank-check deal with the special purpose acquisition company Concord in 2021. Initially targeting a preliminary valuation of $4.5 billion, the deal was amended to place Circle at a $9 billion valuation, with the firm eventually terminating the deal by late 2022.

Cointelegraph approached Circle for a comment regarding the company’s valuation in the IPO, but had not received a response at the time of publication.

Main competitor Tether “doesn’t need an IPO”

“For Circle, becoming a publicly traded corporation on the New York Stock Exchange is a continuation of our desire to operate with the greatest transparency and accountability possible,” Circle co-founder and CEO Jeremy Allaire wrote in a letter accompanying the Form S-1.

“Operating as a US-listed public company represents our continued dedication to transparency and accountability, as we will become subject to the reporting, corporate governance, and other requirements,” he added.

Related: eToro aims for $4B valuation, $500M raise for US IPO

Founded in 2013, Circle is a major company in the crypto industry, known as the issuer of USDC (USDC), the second-largest stablecoin by market capitalization after Tether’s USDt (USDT).

The top three stablecoins by market capitalization. Source: CoinGecko

At the time of writing, USDC has a market cap of $61.5 billion, while its main competitor, USDT, has a $152.7 billion market cap, according to CoinGecko.

Though a significantly bigger player than Circle, El Salvador-based Tether is apparently not looking to launch an IPO.

“Tether doesn’t need to go public,” Tether CEO Paolo Ardoino said in an X post in April.

Magazine: Crypto wanted to overthrow banks, now it’s becoming them in stablecoin fight