NEW YORK, Oct. 25, 2023 (GLOBE NEWSWIRE) -- Nocturne, a protocol enabling on-chain private accounts, today announced its $6 million seed funding round co-led by Bain Capital Crypto and Polychain Capital with participation from Vitalik Buterin and other members of the Ethereum community. Other investors include Bankless Ventures, HackVC and Robot Ventures. The company plans to launch on mainnet within the next month.
By default, all transactions and user data on Ethereum are completely transparent. Nocturne unveils a pioneering solution that combines the best of stealth addresses, zero-knowledge proofs, and account abstraction to enable private accounts on public blockchains. These accounts seamlessly function like conventional Ethereum accounts but with built-in asset privacy. This initiative marks a first in the Ethereum landscape, representing a stride toward broader accessibility of usable and compliant privacy on-chain.
“Nocturne is pushing the boundaries, tackling one of the most foundational problems facing Ethereum,” said Luke Tchang, CEO and co-founder of Nocturne. “Onchain privacy solves a key pain point for many existing users, enables new use cases, and allows new players to enter our industry. Using and integrating privacy into applications will be easier than it’s ever been before.”
This seed round will accelerate the production and deployment of Nocturne’s protocol across various ecosystems. In addition, the round will help fund legal work as the team continues to navigate and accommodate the changing regulatory environment. The initial launch will provide a usable and compliant non-custodial privacy option to retail users while allowing for integrations with wallets, payment companies, and other strategic partners.
“It’s hard to imagine satiating consumer or institutional demand for permissionless, composable applications without privacy. But it’s also hard to imagine most users adopting new platforms purely for privacy’s sake,” said Alex Evans, Partner at Bain Capital Crypto. “Nocturne seeks to close this gap by bringing privacy to existing applications and assets while striving for feature parity as a minimum requirement. We believe that approach is valuable.”
To learn more about Nocturne, visit https://nocturnelabs.xyz/.
About Nocturne Labs
Nocturne Labs is a forward-thinking blockchain technology company committed to addressing the most critical privacy and user experience challenges within the Ethereum ecosystem. With a pioneering protocol for private accounts, Nocturne enables users to transact safely with built-in privacy. This marks a substantial stride in advancing the usability of public blockchains. Backed by notable investors such as Bain Capital Crypto, Polychain Capital, Bankless, and Vitalik, Nocturne is led by a team of experienced developers dedicated to enabling a more secure and accessible Ethereum. For more information, visit https://nocturnelabs.xyz/.
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