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Ethereum Creator Vitalik Buterin Invests in Privacy Startup Nocturne Labs

by BlockNews.com Team
October 25, 2023
in BUSINESS, CRYPTO, TECHNOLOGY
Reading Time: 2 mins read
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  • Ethereum founder Vitalik Buterin invested in crypto startup Nocturne Labs, which raised $6 million to enable private accounts on Ethereum using zero-knowledge proofs.
  • Nocturne Labs, founded in 2021, is building a protocol to allow anonymous transactions on Ethereum and Layer 2 networks through privacy technologies like mixers.
  • Nocturne aims to balance privacy with regulatory compliance by taking a “measured approach”, including permissioned deposits initially to avoid illicit usage.

About Nocturne Labs

Founded in 2021, Nocturne Labs is building a protocol to allow anonymous transactions within the Ethereum ecosystem. The startup’s technology will allow users to have internal accounts where they can receive, spend, and transfer funds privately using zero-knowledge proofs.

Nocturne aims to bring the privacy benefits of mixers and other privacy-focused networks to Ethereum in a seamless way. The protocol will support Ethereum and Ethereum Layer 2 networks. Nocturne is expected to launch on the Ethereum mainnet next month.

🚨 NEWS: @VitalikButerin backs @nocturne_xyz in a $6 million funding round.

This crypto start-up aims to introduce private accounts on Ethereum.

This would make certain transactions anonymous 👀

The protocol's mainnet debut is anticipated next month. pic.twitter.com/wyFr03rDmE

— BlockNews.com (@blocknewsdotcom) October 25, 2023

Regulatory Concerns

Privacy technologies like mixers have faced regulatory crackdowns for enabling illicit activities. Nocturne says they are taking a “measured approach” to stay compliant. The protocol will have permissioned deposits initially to filter out illicit funds.

Nocturne aims to strike a balance between privacy and permissionless usage in the future. The startup was co-founded by Luke Tchang, who serves as CEO. After launching on Mainnet, Nocturne plans to expand hiring in engineering, growth, and legal/compliance roles.

Tags: BusinesscryptoNocturne LabsVitalik Buterin
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