- Panther Protocol has raised over $8 million from over 140 investors for its privacy-focused DeFi solution.
- The protocol will allow users to mint 1:1 collateralized privacy-preserving synthetic assets.
- Leveraging zk-SNARKs, such assets obfuscate all the information involved in an on-chain trade.
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Panther Protocol, an end-to-end privacy protocol that can be used across DeFi, has raised $8 million from over 140 investors in a private token sale.
Panther Offers DeFi Privacy
Panther Protocol, one of DeFi’s latest privacy-preserving solutions, has raised $8 million in a funding round. The raise came from over 140 participants, including Alphabit Fund, Arcanum Capital, Black Dragon, DeepVentures, Defiants, Ellipti, Moonwhale, Protocol Ventures, Kosmos VC, Rarestone Capital, and Titans Ventures.
The funds will be used for the development of the protocol, which is interoperable with a range of DeFi applications.
Privacy is considered one of DeFi’s missing jigsaw pieces today. While DeFi brings the world a permissionless and non-custodial financial system, many of those looking to preserve their identity find it cumbersome to use. When a person’s real identity is linked to a blockchain address, all of the transactions they make through that address are easily traceable. For example, many high-net-worth Uniswap traders find it difficult to execute their trades efficiently due to the visibility of Ethereum. Such large traders face the risk of being front-run by other traders or bots.
Panther is hoping to solve those problems. As planned in its roadmap, the protocol will allow users to deposit cryptocurrencies from a variety of chains and mint collateralized synthetic assets called zAssets. Each zAsset will be private.
According to the team, anyone can issue private synthetics of various digital tokens, including zBTC, zETH, and zUSDT. These tokens can then be used across various DeFi applications. Oliver Gale, Panther Protocol…