Panther Protocol, a provider of privacy enhancing technology to the decentralized finance (DeFi) industry, has completed its public sale to continue creating privacy solutions for DeFi and Web3.

Panter announced to Cointelegraph on November 25 that it raised $ 22 million in its recent public ZKP token sale, bringing the total amount raised to $ 32 million.

As of November 23, the public sale of the Panther Protocol was successfully closed in just under 90 minutes, the project previously announced.

Launched in Q3 2020, the Panther Protocol is built using zk-SNARKs, a new form of zero-knowledge crypto implemented for popular privacy-focused cryptocurrencies like Zcash (ZEC). The acronym “zk-SNARK” stands for “Zero Knowledge Non-Interactive Concise Knowledge Argument”, referring to a situation in which the possession of certain information can be proven without disclosing it.

Building on multiple blockchains, including Ethereum, Polygon, Flare, Near, and Avalanche, Panther is developing an interoperable privacy layer for DeFi and Web3. The protocol uses zAssets, backed 1: 1 representations of the underlying assets that offer users benefits of private transactions in the new type of asset.

As previously announced by Panther, the public sale of the protocol involves 5% of the total supply of ZKP with “different unlock programs”. 15% of the total supply was sold through pre-seed, seed, and three subsequent rounds of private sales. According to Panther, the protocol has raised $ 10 million through private funds.

Some of the alleged investors who were willing to participate in Panther’s $ 22 million public sale have complained that they were unable to proceed with the payment.

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“The shocking support on Discord, was on the site for 90 minutes and did not let me make a single payment because the buttons did not work, then there was no response for an hour from anyone in the discord”, reported a so-called investor.

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

Amid a large rally in the broader crypto markets, the DeFi industry has continued to boom this year, with the total value locked across all DeFi protocols hitting a new record above $ 270 billion in early November.

Source: DeFi Llama

In line with the growing popularity of DeFi, industry projects have increasingly been working on privacy solutions. According to Paolo Guida, chief investment officer at Blockchain Valley Ventures, privacy is the biggest challenge preventing DeFi from taking off.

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