DeFi privacy project Panther raises $22M in 1.5-hour public sale

Panther Protocol, a privacy-enhancing tech provider for decentralized finance (DeFi), has closed its public sale. This will allow it to continue developing privacy solutions for DeFi/Web3.

Panter informed Cointelegraph that it had raised $22,000,000 in the recent ZKP tokens public sale. This brings the total raised to $32 Million.

The Panther Protocol public sale closed in less than 90 minutes starting Nov. 23. This is the Panther project previously announced.

The Panther Protocol was launched in Q3 2020. It uses zk-SNARKs, which is a new type of zero-knowledge cryptography that’s used for privacy-focused cryptocurrencies such as Zcash (ZEC). “Zero Knowledge Succinct Non Interactive Argument of Knowledge” is the acronym for “Zero Knowledge Succinct Non Interactive Argument of Knowledge”. It refers to a situation in which one can prove possession of certain data without having to reveal it.

Panther is working on a privacy layer that can be used by DeFi and Web3. The protocol uses zAssets which are 1:1 backed representations the underlying assets. This allows users to benefit from private transactions in the new asset class.

Panther previously announced that the protocol’s public sales involve 5% of total ZKP supply, with “varying unlocking plans.” 15% of total supply was sold via private sale rounds, preseed, seed, and three subsequent private sales rounds. Panther claims that the protocol has raised $10million through private funding.

Some of the investors who were willing to invest in Panther’s $22 Million public sale complained that they could not pay.

One supposed investor stated that she received “shocking support” on Discord. She was there for 90 minutes, refused to let her make any payment, the buttons wouldn’t work and then no response for over an hour.

The button did not work, but all other information when you send your details and photos via your mobile phone works fine. We are now stuck in a line and have to register KYC, so we can’t buy it. pic.twitter.com/b4IWR42eMk
— Maro Pagi (@MaroPagi) November 23, 2021

Cointelegraph did not receive a response from the Panther project immediately to our request for comment.

Related: Manta Network, a privacy project based on Polkadot raises $5.5M

The DeFi industry continues to boom amid a significant rally on wider cryptocurrency markets. In November, the total value of all DeFi protocols reached a new record high of $270 billion.

Source: DeFi Llama

Industry projects are increasingly working to find privacy solutions in line with DeFi’s increasing popularity. Paolo Guida is head of investments at Blockchain Valley Ventures. He says privacy is the greatest obstacle to DeFi’s success.

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