Nocturne Labs To Add Private Accounts Onto Ethereum, Attracts Vitalik Buterin Interest In Seed Funding Round
By Benzinga
U.S.-based crypto startup company Nocturne Labs raised $6 million in seed funding with Bain Capital Crypto and Polychain Capital co-leading the round. Ethereum co-founder Vitalik Buterin, Bankless Ventures, Hack VC and Robot Ventures are among the other participants.
Nocturne Labs wants to bring private accounts to the Ethereum ecosystem and enable anonymous transactions.
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The seed funding started in January 2023 and ended in August 2023. The protocol is expected to launch on the Ethereum mainnet in November 2023.
“Users will have 'internal' accounts within Nocturne where receiving/spending funds from these accounts works in a way that is anonymous (not all tied back to the same address),” Nocturne Labs co-founder and CEO Luke Tchang commented as reported by The Block.
Read Next: Vitalik Buterin Hints At Major Changes For Ethereum, Especially Staking
Recently, Blockaid raised $27 million in funding — lead investors included Sequoia Capital and Ribbit Capital — for offsetting crypto industry challenges.
More About Nocturne Labs: Nocturne Labs is developing a protocol wherein users can also use zero-knowledge proof technology to prove ownership of these funds and use them for payments, transactions, and other activities such as gambling.
Nocturne Labs highlights privacy as an important factor for the broader adoption of cryptocurrencies, as reported by The Block. In the company’s opinion, individuals should have the ability to receive their salaries on the blockchain without disclosing their earnings, make purchases without any disclosure of spending habits and store assets on the blockchain without revealing their total holdings.
The company is taking a step-by-step approach to ensure compliance as regulatory concerns surround privacy-focused crypto platforms.
“We are starting with a two-step, permission deposit process that involves filtering out illicit deposits using tools such as TRM and other data analytics providers,” Tchang added.
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