On November 3rd, Elusiv, a privacy protocol that complies with Zero-Knowledge principles, declared that it had raised $3.5 million in a seed fundraising round headed by LongHash Ventures and Staking Facilities Ventures.
Jump Crypto, NGC Ventures, Big Brain Holdings, Anagram, Cogitent Ventures, Equilibrium, Marin Ventures, Token Ventures, Moonrock Capital, Monke Ventures, and SolanaFM, as well as several angel investors, such as the creators of Solana, Zeta, Notify, Solflare, and UXD Protocol, are among the additional investors in this most recent funding round.
What is Elusiv?
Protecting privacy is a significant human right, and Web3 has long struggled with this issue. However, this is where Elusiv has revolutionized. Elusiv provides a high level of privacy to everyday users and traders. With a strong emphasis on compliance, Elusiv is a Zero-Knowledge privacy protocol for securely sending and receiving money on-chain.
It further enhances security with its low trade-off compatibility solutions. Thus, Elusiv is well on its way to becoming a fixture of the blockchain ecosystem. In short, the project provides privacy to standard transactions, and at the same time gives users the freedom to choose which transactions make public using the platform.
Elusiv and Privacy
With the added feature of functioning even if only one party is utilizing it to protect their anonymity, Elusiv may be immediately integrated into wallets and protocols. Louis Bauer, Venture Partner at Staking Facilities Ventures, said:
“Elusiv is building the ground layer for more sensitive transactions to happen on-chain. Enabling privacy in a compliant manner so blockchains can eventually gain wider adoption. Their focus on strong integration partnerships will help bring this closer to the average user, while Elusiv VMs allow developers to deploy their own ZK-proofs in a cost-effective way. We are excited to back such a hungry and dedicated team as they contribute to growing and maturing the blockchain ecosystem.”
On the other hand, Elusiv also stated that it had developed several new compliance systems that leverage Zero-Knowledge proofs and state-of-the-art cryptography to guarantee compliance. Elusiv claimed that the advanced compliance system creates a consensus on malicious actors through a decentralized network of trusted execution environments (TEEs).
Additionally, Elusiv intends to launch “Elusiv Virtual Machines” to free developers from having to worry about the intricate cryptography required to use Zero-Knowledge Proofs in their applications. Developers will be able to create their ZK applications in a smaller amount of time and at a lower cost with this system.