By
Chainwire
September 20th, 2022
Elusiv also plans to develop its Elusiv Virtual Machine, a tool that will enable developers to deploy Zero-Knowledge Proofs for their projects without worrying about the complex cryptography involved.
Emerging Web3 compliance privacy protocol based on the Zero-Knowledge technology, Elusiv has landed the sum of $3.5 million in seed funding. As contained in a press release shared with Coinspeaker, the Elusiv funding round was led by LongHash Ventures and Staking Facilities Ventures.
Elusiv is immersing itself into a rare but highly necessary offshoot of the blockchain ecosystem – Privacy. Its debut has unveiled how much of an impact it is set to make in giving confidence to all Web3 users as far as privacy in a compliant manner is concerned. Its model drew additional investors to participate in the funding round.
Other investors who join hands in funding Elusiv include Jump Crypto, NGC Ventures, Big Brain Holdings, Anagram, Cogitent Ventures, Equilibrium, Marin Ventures, Token Ventures, Moonrock Capital, Monke Ventures, SolanaFM as well as several angels, including the founders of Solana, Zeta, Notify, Solflare, and UXD Protocol.
With the new capital injection, Elusiv hopes to increase its workforce particularly as it concerns the development team, fund security audits, and bring its solution to multiple blockchains.
“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,” said Elusiv co-founder Yannik Schrade.
The deployment of privacy-based solutions comes with its own intricacies. Protocols like Blender.io and Tornado Cash that have been serving users in the industry hit rock bottom when the United States Treasury Department sanctioned them this year. Despite the uproar and objections, the ban still stands, thus making users in the industry quite skeptical of interacting with related protocols.
Elusiv Beyond Funding: Value Proposition
Elusiv is designed to help everyone connect to the blockchain ecosystem by giving them the ability to choose which data or aspect of the transaction to show to third parties or not. Despite offering privacy, it still maintains compliance provisions such that it becomes quite difficult for bad actors to make use of it for transactions.
While Elusiv is intended for keeping standard transactions private, users can select the transactions they wish for the public to see. The Elusive protocol is built with a high degree of composability, that is the ability to be used with different wallets and protocols.
“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,” said LongHash Ventures’ General Partner and Chief Operations Officer Wei Shi Khai.
Elusiv also plans to develop its Elusiv Virtual Machine, a tool that will enable developers to deploy Zero-Knowledge Proofs for their projects without worrying about the complex cryptography involved.
