Panther Protocol, a provider of privacy-enhancing technologies for the decentralized financial industry (DeFi), has completed a public sale to further develop privacy solutions for DeFi and Web 3.0.

The Panthers announced to Cointelegraph Thursday that they have raised $22 million in a recent public sale of ZKP tokens, bringing the total to $32 million.

As of Tuesday, the Panther protocol public sale was completed in less than 90 minutes, as previously announced by Project Panther.

Launched in the third quarter of 2020, the Panther protocol is built using zk-SNARKs, a new form of zero-knowledge crypto being implemented for popular privacy-focused cryptocurrencies like Zcash (ZEC). zk-SNARK stands for Zero Knowledge Concise Non-Interactive Argument of Knowledge and refers to a situation in which possession of certain information can be demonstrated without disclosing that information.

Panther is based on several blockchains including Ethereum, Polygon, Flare, Near, and Avalanche, and is developing a consistent privacy layer for DeFi and Web 3.0. The protocol uses zAssets, a 1:1 supported view of the underlying asset that provides users with the benefits of private transactions in a new asset type.

As previously announced by Panther, the protocol’s public sale included 5% of total ZKP shipments with “various unlock plans”. Fifteen percent of the total supply was sold through pre-seeding and seeding and three consecutive special rounds of sales. According to Panther, the protocol has raised $10 million in private funding.

Some so-called investors who were willing to participate in the $22 million public sale of Panthers complained that they were unable to proceed with the payment.

“Shocking support for the dispute was on the site for 90 minutes and didn’t allow me to make any payments because the buttons didn’t work, so there was no response for an hour from any of the disagreements,” said the suspected investor.

The Panther Project did not immediately respond to Cointelegraph’s request for comment.

RELATED: Polkadot-backed Manta Network Privacy Project Raises $5.5 Million

In the midst of a significant rally in the broader cryptocurrency markets, the DeFi industry has continued to boom this year, with total value flat across all DeFi protocols, hitting a new all-time high of more than $270 billion in early November.

Source: DeFi Llama
Due to the growing popularity of Defi, privacy solutions are increasingly used in industrial projects. According to Paulo Gueda, Chief Investment Officer at Blockchain Valley Ventures, privacy is the biggest issue standing in the way for DeFi.

Source: CoinTelegraph