Panther Protocol Concludes $8 Million Private Sale to Address Privacy Concerns in DeFi
DeFi-focused end-to-end privacy protocol Panther Protocol today announced it had successfully completed its private sale to the tune of $8 million from more than 140 investors.
Panther Protocol Finishes Private Sale
In an announcement made today, Panther Protocol stated it had raised $8 million from several high-profile investors to develop robust and innovative privacy-geared solutions in the burgeoning DeFi landscape.
For the uninitiated, Panther Protocol is an interoperable privacy solution geared toward the needs of decentralized finance (DeFi) traders and investors. Specifically, the protocol aims to bring a degree of privacy to the public and the immutable nature of blockchains which subjects DeFi users to surveillance and economic espionage.
Of note, there is a high demand for transactional privacy as it enables retail, whales, and institutional investors to safeguard their competitive advantages by not allowing competition to reverse-engineer and front-run their strategies. Essentially, one of Panther’s strongest value propositions is to help traders protect their alpha in the DeFi space.
In terms of functionality, Panther Protocol enables users to mint fully collateralized private assets dubbed zAssets, private synthetics of any digital asset such as zBTC, zETH, and zUSD. Users are only required to deposit their digital assets in the vault and, in return, they receive zAssets in their Panther Wallet. These zAssets can be secretly routed through the Panther network for use across all of DeFi.
Solving the Privacy vs Compliance Dilemma
One of the most interesting and innovative features offered by Panther is selective private disclosures which hold the potential to be a game-changer to solve the privacy and compliance dilemma. These disclosures give the users the option to avail different levels of disclosure in addition to the ability to go fully private.
One such disclosure – called Zero-knowledge disclosures – enables users to prove compliance without providing any underlying data. These disclosures leverage Zero-knowledge Proof technology and trust providers, a novel decentralized architecture for privacy and trust to lay the groundwork for institutional players to dabble in DeFi without having to worry about privacy and compliance.
Commenting on the development, Oliver Gale, CEO, and co-founder, Panther Protocol noted:
“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.”
As mentioned earlier, Panther raised funds from over 140 VCs and DeFi ecosystem participants from companies such as Rarestone Capital, Master Ventures, DeepVentures, Moonwhale, Alphabit Fund, Ex Network, MarketAcross, Nextgen, Protocol Ventures, Titans Ventures, Insignious Capital, Kosmos VC, Ellipti, BlockArk, A195 Capital, Aquablock, AU21, Arcanum Capital, LunarStation, DutchCryptoInvestors, EscolaCripto, GenBlock Capital, Defiants, Netzero, Black Dragon, CSP DAO Network, Berezka DAO, Skynet and BaseTwo were some of the early contributors.
Concluding, Panther Protocol plans to offer a Public Sale in Q3 2021, details of which will be announced via the project’s social media handles soon.