Nocturne Labs, a crypto startup that wants to bring private accounts within the Ethereum ecosystem, has raised $6 million in seed funding.
Nocturne Labs, a crypto startup that wants to bring private accounts to the Ethereum ecosystem, has raised $6 million in seed funding. Bain Capital Crypto and Polychain Capital co-led the round, with Ethereum co-founder Vitalik Buterin, Bankless Ventures, Hack VC, Robot Ventures and others participating, it said Wednesday.
While some privacy-focused crypto platforms exist — including mixers, blockchain networks and other platforms like Aztec Connect — they lack usability and compatibility, according to Tchang. Crypto mixers have poor user experience, Tchang said, explaining that if you put in one ether, you can take out exactly that one ether.
Privacy is essential for crypto adoption, according to Nocturne, which said everyone should be able to receive their paychecks on the blockchain without exposing their earnings, make purchases without revealing their spending habits and store their assets on the blockchain without disclosing their total worth.
As for Nocturne, Tchang said the protocol is taking a "measured approach" to stay compliant. "We are starting with a two-step, permissioned deposit process that involves filtering out illicit deposits using tools such as TRM and other data analytics providers," he said. "The tools we build for deposit filtering will allow us to gradually transition into a more permissionless approach in the future — proof of innocence.
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