“Nocturne’s $6M seed round not only marks a significant milestone for the company, but also brings the much-awaited opportunity for Ethereum users to enjoy the privacy and security of private accounts, revolutionizing the way we interact with the blockchain.”
Nocturne Labs, a protocol enabling on-chain private accounts, has announced a successful $6 million seed funding round. The round was co-led by Bain Capital Crypto and Polychain Capital, with participation from Ethereum co-founder Vitalik Buterin and other members of the Ethereum community. Additional investors include Bankless Ventures, HackVC, and Robot Ventures.
Nocturne aims to solve the problem of transparency in transactions and user data on the Ethereum blockchain. By combining stealth addresses, zero-knowledge proofs, and account abstraction, the protocol allows for private accounts on public blockchains. These private accounts function similarly to conventional Ethereum accounts but with built-in asset privacy. This groundbreaking initiative represents a step towards greater accessibility and compliance of on-chain privacy.
Luke Tchang, CEO and co-founder of Nocturne, believes that on-chain privacy is a crucial issue for Ethereum and its users. He stated, “Using and integrating privacy into applications will be easier than it’s ever been before.”
The seed funding round will accelerate the production and deployment of Nocturne’s protocol across various ecosystems. It will also support legal work as the team navigates the changing regulatory environment. The company plans to launch its protocol on the mainnet within the next month, providing a usable and compliant non-custodial privacy option for retail users. Nocturne also aims to integrate with wallets, payment companies, and other strategic partners.
Alex Evans, Partner at Bain Capital Crypto, emphasized the importance of privacy in blockchain applications. He stated, “It’s hard to imagine satiating consumer or institutional demand for permissionless, composable applications without privacy.” Evans believes that Nocturne’s approach of bringing privacy to existing applications and assets is valuable.
To learn more about Nocturne and its protocol for on-chain private accounts, visit their website at https://nocturnelabs.xyz/.
Nocturne Labs is a forward-thinking blockchain technology company dedicated to addressing privacy and user experience challenges within the Ethereum ecosystem. Backed by prominent investors like Bain Capital Crypto, Polychain Capital, Bankless, and Vitalik Buterin, Nocturne aims to make Ethereum more secure and accessible. For more information, visit their website at https://nocturnelabs.xyz/.
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