Novel privacy protocol designed to advance security and anonymity of cryptocurrency transactions concludes its strategic funding round
Elusiv, a Web3 protocol that brings an additional layer of privacy to cryptocurrency transactions, shares the details if its recent funding round and indicates the next milestones in its development and adoption.
Elusiv secures $3.5 million in funding from top VCs
According to the official announcement shared by the Elusiv team, its strategic funding round has successfully completed. A total of $3.5 million was raised from a clutch of top-tier VC firms.
LongHash Ventures and Staking Facilities Ventures co-led this funding round for Elusiv. Jump Crypto, NGC Ventures, Big Brain Holdings, Anagram, Cogitent Ventures, Equilibrium, Marin Ventures, Token Ventures, Moonrock Capital, Monke Ventures, SolanaFM also backed the start-up in its fundraising efforts.
Founders of mainstream blockchains and cryptocurrency protocols Solana, Zeta, Notify, Solflare and UXD Protocol joined the round as angel investors.
Elusiv co-founder Yannik Schrade highlights the importance of this funding round for the entire privacy ecosystem of crytpocurrency wallets and DeFi applications:
Financial privacy is a requirement for individual freedom. However, advancing the adoption and acceptance of privacy-preserving tech also requires capable compliance. ZK and new decentralized technologies allow us to overcome the notion that privacy and compliance are exclusive and instead enable us to form a new kind of symbiosis between privacy and compliance.
The $3.5 mln funding will fuel the next phase of Elusiv’s development and promotion to deliver the next generation of fast and cost-efficient privacy solutions for individuals and entrepreneurs.
Security audits and multi-chain releases are in the cards
LongHash Ventures’ general partner and chief operations officer Wei Shi Khai is excited by the mission of Elusiv protocol as well by the vision of its founders and contributors:
Privacy is a human right worth protecting, and has been a persistent pain point in Web3. We at LongHash Ventures are excited by Elusiv’s strong position to address this space with their user-friendly and scalable integrations while maintaining a practical approach to compliance. Moving forward, we see privacy as a key modular layer in our multi-chain infrastructure thesis, especially as more social and identity use cases mature
To guarantee the maximum possible level of security and anonymity, Elusiv introduced a number of brand-new cryptographic techniques. Elusiv can be seamlessly integrated into wallets and protocols, even with only one side using it.
For maximum attack-resistance, Elusiv employs a decentralized network of trusted execution environments (TEEs); they establish a consensus against malicious actors.