Polychain and Nocturne Labs Secure 6 Million Dollars Funding Round with Bain Capital as Lead Investor

Crypto News- Nocturne Labs, the company spearheading the development of the Nocturne protocol, a privacy-focused on-chain accounts system, recently revealed that it has successfully secured $6 million in a seed funding round. This significant funding round was led by Bain Capital Crypto and Polychain Capital, with the participation of notable investors from the Ethereum ecosystem, including Vitalik Buterin, the co-founder of Ethereum, as well as contributions from Bankless Ventures, HackVC, and Robot Ventures.

Polychain and Nocturne Labs Secure 6 Million Dollars Funding Round with Bain Capital as Lead Investor

The capital raised will serve a dual purpose, as explained by Luke Tchang, the co-founder and CEO of Nocturne Labs during an interview with CoinDesk. It will be allocated towards furthering the development of the Nocturne blockchain and covering legal expenses.

Anticipated for a launch in the latter part of November, the Nocturne protocol is poised to introduce private accounts to the public blockchain domain. It achieves this by leveraging advanced blockchain technologies like zero-knowledge proofs, account abstractions, and stealth addresses. As per the details presented in a press release, these Nocturne accounts will operate similarly to traditional Ethereum accounts but will incorporate in-built asset privacy features.

Tchang highlighted the potential for Nocturne to emerge as a formidable contender in the blockchain and cryptocurrency space, competing with other privacy-centric protocols such as Aztec or Railgun.