Privacy is a commodity that many cryptocurrency enthusiasts are looking for, yet only a few can achieve it. Making this feature opt-in is not ideal, which is why the demand for privacy-oriented protocols is on the rise.
Panther Protocol aims to provide interoperable privacy to DeFi and raised $8 million to make this come true.
Enhancing Privacy In DeFi With Panther Protocol
In the current decentralized finance landscape, there are many opportunities to make money. One thing all of these options lack is privacy and confidentiality. All information, transactions, and addresses are publicly visible for everyone to see. Although that doesn’t erode user privacy by default, it is easier for analysts and blockchain analysis firms to figure out what is. That situation is far from ideal, which is why privacy-focused protocols become a necessity.
One such protocol, which goes by the name of Panther Protocol, aims to resolve this situation. Users can mint fully collateralized private assets, called zAssets. Every zAsset is a privacy-focused synthetic asset representing any other digital asset – including Bitcoin and other cryptocurrencies. By depositing funds into a vault, they will mint the zAsset equivalent and receive it in their Panther wallet. The privacy assets can be routed through the network to use existing decentralized finance services and protocols.
To spice things up, Panther Protocol provides selective private disclosures. Rather than making privacy oppose compliance, the developers opt for the middle road. Users can maximize their privacy yet remain compliant without delivering any extra data through the Zero-Knowledge disclosures. Option for this route can pave the way for institutional players looking to enter the DeFi space without worrying about privacy or compliance.
A Successful Funding Round
The vision by the Panther Protocol team has attracted attention from over 140 venture capitalists and participants. Noteworthy contributors include DeepVentures, Alphabit Fund, MarketAcross, Protocol Ventures, A195 Capital, AU21, Defiants, etc. The Panther Protocol team has raised $8 million to bring its privacy-oriented solution to the DeFi ecosystem by completing the private rounds successfully.
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.”
Now that the private funding rounds have been completed, it is essential to look toward the future. Panther Protocol will run a public sale in Q3 of 2021. More details on this public sale will be made available in the coming weeks through the team’s official social media channels.