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DeFi privacy-focused solution Panther Protocol raised $ 8 million in a private sale. The sale was oversubscribed with the participation of 140 investors.
Panther enables end-to-end privacy over digital assets. It ensures that all crypto transactions are done confidentially to protect users’ trading strategies, transaction history and personal financial data.
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.
No one wants their on-chain transactions to be observed by prying eyes. Surveillance threatens to deprive retail traders, institutional traders and whales of their competitive advantages and individual freedoms.
Panther Protocol Co-Founder and CEO Oliver Gale said, “Raising these funds will enable us to realize our roadmap and vision to restore privacy and protect ourselves from economic surveillance.
“The response from the community has been powerful, demonstrating both the demand for this service and at the same time the confidence that investors have in the Panther team,” he added.
Serial entrepreneur Oliver Gale started the Panther Protocol with Dr. Anish Mohammed, a cryptographer and ZK evidence guru with more than two decades of experience.
Panther is expected to hold a public sale in July for community members and investors who were unable to participate in the private sale. It will reward community members for their early interest by guaranteeing an allocation in the public sale to all who complete the interest form.
Panther provides DeFi users with fully secured, interoperable and privacy enhancing digital assets using zkSNARK technology. Users can deposit their digital assets from any blockchain into Panther Vaults to create zero-knowledge zAssets.
ZAssets are 1: 1 guaranteed tokens that represent the same value as the deposited asset. They ensure the confidentiality of transactions while interacting with a full range of DeFi applications.
There are controllers such as stock exchanges, financial institutions, and software entities to collect KYC data, process compliance forms, and oversee the creation and burning of zAssets.
Transactions are routed through Panther Privacy miners. ZAssets are designed to be cross-chain, which means they will be interoperable with Ethereum, Binance Smart Chain, Avalanche, Polkadot, Solana, and others.
Panther Protocol is mindful of compliance while ensuring confidentiality. Users can prove compliance without providing the underlying data. It is up to the user to decide whether they wish to provide unconscious information or complete information to a counterparty.
Unlike other privacy protocols where privacy is not explicitly priced, Panther explicitly rates privacy through dynamic transaction fees. The fee is paid in the native ZKP token rather than being applied to the digital assets being processed.
Given the inherent human desire and need for privacy, it’s only a matter of time before utility tokens, NFTs, and stablecoins all become steeped in privacy. Synthetic zAssets could potentially emerge as an ever-expanding asset class.