The decentralized finance industry has noted substantial initial success, but there is still room for improvements. Panther Protocol acknowledges the growing demand for privacy-oriented solutions in this space. By securing $8 million in private funding, the team can bring interoperable privacy to DeFi users worldwide.
Enhancing Zero-Knowledge Proofs With Panther Protocol
Anyone who has kept tabs on the cryptocurrency industry and its privacy-oriented discussions will have come across the term zero-knowledge proofs. It is a cryptographic way of introducing privacy at the protocol level, yet very few projects embrace it. Panther Protocol is taking zero-knowledge proofs to the next level by creating zero-knowledge disclosures. Opting for this method allows protocol users to benefit from privacy while remaining compliant without providing underlying information.
As an interoperable privacy protocol for the DeFi industry, Panther Protocol aims to cater to users and institutional players. Users are usually subject to surveillance and espionage due to the transparent nature of public blockchains. Demand for transactional privacy is substantial, as everyone can protect their competitive advantages by preventing the front running of trading strategies.
Making all of this functionality accessible occurs through the minting of private collateralized assets. Referred to as zAssets, they are a digital private synthetic representation of any other digital assets. Due to the interoperable nature of the protocol, one can turn Bitcoin, Ether, or even the US Dollar into a private synthetic asset and benefit from both privacy and compliance. All of the zAssets can be routed through the panther network for use across the entire DeFi industry.
Raising $8 Million In Private Rounds
In the current DeFi landscape, there are no viable ways to acquire privacy at a protocol level and gain interoperability. Although there is some minor competition in the space, Panther Protocol appears to be on a very different level altogether. The project has attracted a lot of attention from VCs and other participants, resulting in raising $8 million through multiple private rounds.
Panther Protocol CEO and co-founder Oliver Gale states:
“We believe zAssets will become an ever expanding asset class for users who want their transactions and strategies the way they should always have been: private. Stablecoins, utility tokens and NFTs will all become infused with privacy. Institutional DeFi and Web3 require privacy to scale and disrupt legacy systems. Our entire team is thrilled with the overwhelmingly positive response to our value proposition. These successful fundraising rounds allow us to expand a growing team of rockstars in cryptography, technology and product.”
Notable investors include Rarestone Capital, Moonwhale, Kosmos VC, Arcanum Capital, CSP DAO Network, MarketAcross, BaseTwo, etc. Over 140 participants wanted to invest in this protocol early to nurture its growth and potential. The Panther Protocol will conduct a public sale in Q3 2021, with more details to be announced via the team’s official social media channels. Advancing the DeFi industry will require a strong balance between privacy and compliance, and Panther Protocol provides that option.