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Panther Protocol Raises $8 Million For DeFi Interoperable Privacy

CryptocurrencyJun 01, 2021 10:30AM ET
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Panther Protocol Raises $8 Million For DeFi Interoperable Privacy

  • Panther Protocol raised $8 million from over 140 funding round participants.
  • The funds will be used to improve DeFi interoperable privacy using zAssets.
  • zAsset technology allows users to meet compliance using Zero-Knowledge disclosure.

Panther Protocol has successfully closed a funding round that raised $8 million. Of note, the funding round gained support from over 140 investors, highlighting the popularity of the DeFi privacy solution.

Some of the participants included VCs like Rarestone Capital, Master Ventures, Deep Ventures, Moonwhale, and MarketAcross among others.

Decentralized finance (DeFi) has been disrupting the traditional financial system while bringing equity to a previously exclusive market segment. With a significant portion of the world population currently financially excluded, DeFi could very well expand to unprecedented heights.

However, due to the immutable and transparent nature of blockchain, the technology DeFi is built on, DeFi users are vulnerable to excessive monitoring and even spying. Also, the rise of big data has led to an even higher demand for privacy, especially online. As such, there is a growing need for transactional privacy even among DeFi users.

In particular, DeFi users are currently unable to conceal their trading strategies. As a result, other traders can easily copy strategies causing alphas to lose their competitive advantage. This is where Pantha Protocol comes in as the project aims to help alphas protect their edge.

In fact, Panther Protocol users can mint private collateralized assets called zAssets. To clarify, zAssets are private synthetics of any crypto. For instance, the zAsset synthetic for BTC, ETH, or USD would be zBTC, zETH, and zUSD respectively.

The benefit of using zAssets is that users can deposit their coins into the Panther wallet and use the zAssets to execute their transactions. In addition, zAssets utilize zkSNARKS technology which hides transaction details. However, Panther offers users selective privacy disclosure which satisfies compliance requirements.

Speaking on zAssets utility Panther Protocol CEO and Co-Founder Olver Gale said,

“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…. Institutional DeFi and Web3 require privacy to scale and disrupt legacy systems.”

To be specific, Panther’s Zero-Knowledge disclosure allows users to prove compliance without revealing transaction details. Also, Panther believes that the Zero-Knowledge Proof technology could play a pivotal role in enabling institutional participation in DeFi. With the help of zAssets institutional investors would be able to take advantage of DeFi opportunities without the risk of over exposure.

Finally, Panther Protocol intends to follow up the successful private funding round with a public offering later this year.

This article was first published on coinquora.com

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Panther Protocol Raises $8 Million For DeFi Interoperable Privacy
 

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