Elusiv, a Zero-Knowledge compatible privacy system, revealed that it had raised $3.5 million in seed funding led by LongHash Ventures and Staking Facilities Ventures with additional investment from Jump Crypto, NGC Ventures, Big Brain Holdings, Anagram, Cogitent Ventures, Equilibrium, Marin Ventures, Token Ventures, Moonrock Capital, Monke Ventures, SolanaFM, and a number of angels, such as the founders of Solana, Zeta, Notify, Solflare, and UXD Protocol.
“Financial privacy is a prerequisite for personal liberty. However, competent compliance is also required to further the use and acceptance of privacy-protecting technologies. ZK and new decentralized technologies enable us to escape the concept that privacy and compliance are mutually exclusive and to instead build a new type of symbiosis between privacy and compliance.”
Elusiv co-founder Yannik Schrade Stated
Elusiv will use the funding to expand its development staff, fund security assessments, and deploy its solution to different blockchains, according to a news statement shared with Cryptowisser.
Elusiv aspires to become the backbone of the blockchain financial ecosystem, offering common users and merchants with privacy while preserving safety through low-cost compliance solutions. The project will make typical transactions private while allowing users to pick which transactions to make public with Elusiv.
Elusiv can be readily integrated into wallets and protocols, with the extra benefit of maintaining secrecy even if only one party is using it.
Elusiv stated that it had developed numerous new compliance systems leveraging Zero-Knowledge proofs and sophisticated cryptography to ensure compliance. According to Elusiv, their advanced compliance technology reaches consensus regarding dangerous actors through a decentralized network of trusted execution environments (TEEs).
Elusiv also intends to create “Elusiv Virtual Machines” to enable developers to utilize Zero-Knowledge Proofs in their applications without having to worry about the related sophisticated encryption. Developers will be able to create ZK applications in a fraction of the time and for a fraction of the expense.
Elusiv is a Zero-Knowledge privacy protocol for sending and receiving on-chain payments anonymously, with a strong emphasis on compliance.
