Panther protocol, an end-to-end privacy protocol for the decentralized finance ecosystem, has announced a strategic partnership with Flare network to provide the entire network with privacy and confidentiality.
According to the firm, the partnership is a major step to growing the Defi ecosystem by providing a compliance-friendly privacy protocol. In a note, Panther Protocol CEO and co-founder, Oliver Gale said the partnership will play a critical role in the flare future growth prospects.
“We are delighted to work with the best in class, enabling privacy rights for individual and public blockchains. Flare has a powerful tech stack with a focus on institutional integration. We are excited to partner with them to build Panther privacy in the Flare ecosystem,” Gale noted.
On the other hand, Hugo Philion, CEO and co-founder of Flare noted that the partnership will help investors make moves without market manipulation. He noted that investors can rest assured investing in the decentralized financial ecosystem can be regulatory compliance and still enable user privacy.
“One element that arose from the Gamestop short squeeze saga was the clear and urgent need to allow for privacy when making investments to avoid asymmetric outcomes. Panther’s design of a privacy enabling protocol that maintains KYC and AML compliance while keeping users in control of their data is to my mind a highly important development and very valuable addition to the Flare ecosystem,” Philion explained.
The decentralized financial ecosystem has played a major role in the cryptocurrency bull market that began mid-last year. Institutional investors have shown great interest in investing in blockchain startups, particularly those working towards DeFi integration.
Panther Protocol is backed by strategic investors including A195, AU21 Capital, Moonwhale, Kosmos among others that have made major contributions to the blockchain industry. As a result, the partnership with Flare is expected to open up other strategic use cases for the Defi ecosystem.
According to Panther Protocol’s whitepaper, the network relies on the zAssets for example zETH to ensure blockchains interoperability. “Users are able to mint zero-knowledge zAssets by depositing digital assets from any blockchain into Panther vaults and using these zAssets across a full range of DeFi applications,” the firm explained on its official webpage.