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Privacy-focused DeFi solution Panther Protocol has raised 8 million USD in a private sale. The sale was oversubscribed with the participation of 140 investors.
Panther enables end-to-end privacy on digital assets. It ensures that all crypto transactions are conducted confidentially to protect the trading strategies, transaction history, and personal financial data of users.
Privacy is one of the most important issues facing DeFi users. The transparent and immutable nature of public blockchains subjects DeFi users to economic espionage and surveillance.
Nobody wants to have their on-chain transactions observed by prying eyes. The surveillance threatens to rob the retail traders, institutional traders, and whales of their competitive advantages and individual freedoms.
Panther Protocol’s co-founder and CEO Oliver Gale said, “Raising these funds will allow us to deliver on our roadmap and vision to restore the right to privacy and to protect against economic surveillance.
“The response from the community has been powerful, demonstrating both the demand for this service and at the same time the trust that investors show to the Panther team,” he added.
Serial entrepreneur Oliver Gale launched Panther Protocol with Dr Anish Mohammed, a cryptographer and ZK proofs guru with over two decades of experience.
Panther is set to conduct a Public Sale in July for community members and investors who couldn’t participate in the private sale. It will reward community members for their early interest by guaranteeing an allocation in the public sale to everyone who fills out the interest form.
Panther provides DeFi users with fully collateralized, interoperable, privacy-enhancing digital assets using the zkSNARK technology. Users can deposit their digital assets from any blockchain into the Panther Vaults to mint zero-knowledge zAssets.
The zAssets are 1:1 collateralized tokens that represent the same value as the deposited asset. They provide transactional privacy while interacting with a full-range of DeFi applications.
There are Gatekeepers such as exchanges, financial institutions, and software entities to collect KYC data, process the compliance forms, and oversee the minting and burning of zAssets.
The transactions are routed through Panther Privacy miners. The zAssets are designed to be cross-chain, meaning they will be interoperable with Ethereum, Binance Smart Chain, Avalanche, Polkadot, Solana and others.
Panther Protocol is mindful of the compliances while ensuring privacy. Users can prove compliance without providing the underlying data. It is up to the user whether they want to provide zero-knowledge disclosures or full disclosures to a counterparty.
Unlike other privacy protocols where privacy is not explicitly priced, Panther prices privacy explicitly through dynamic transaction fees. The fee is paid in the native ZKP token rather than being applied to the transacted digital assets.
Given the inherent human desire and need for privacy, it is only a matter of time before utility tokens, NFTs, and stablecoins all become infused with privacy. Synthetic zAssets could potentially emerge as an ever expanding asset class.