Secret Network scores $11.5m to further develop DeFi and NFTs with privacy protection

Privacy-enabled blockchain firm Secret Network witnessed a slew of well-known organisations who invested in SCRT, the native coin of the Secret Community blockchain, totalling $11.5m.

The investment which was led by Arrington Capital and Blocktower Capital included Spartan Group and Skynet Trading. Previous investors in Secret include Outlier Ventures, Fenbushi Capital and Hashed, as well as Secret Foundation and Enigma MPC and node operators such as Figment and Staked.

The firm, which uses software-based privateness applied sciences to guard financial information, will use these funds and liquidity suppliers to help with the expansion of privacy-preserving functions on Secret Community, together with its DeFi and NFT ecosystems.

The goal is to develop person and developer adoption of Secret Community and its functions, in addition to Secret Community’s rising front-running resistant, privacy-first decentralized monetary ecosystem (Secret DeFi).

Commenting on the need for a private DeFi, Arrington Capital founder Michael Arrington said, “Secret is the first blockchain ecosystem to prioritize privacy. Financial privacy is critical to individual freedom, and Arrington Capital has long been committed to financial privacy and censorship resistance.

“The rapid expansion of decentralized finance makes solutions like Secret Network a timely addition to the DeFi ecosystem.”

So far in 2021, the Secret Network ecosystem has launched several native applications including SecretSwap, a “front-running resistant,” cross-chain automated market maker with privacy protections.

Over $100m in Ethereum assets are currently being used within the Secret DeFi ecosystem and multiple bridges to additional ecosystems are in development. The number of active Secret accounts – without including exchange addresses – have grown by 500%, it claimed.

Detailing on the use cases of Secret, Swiss-based privacy DeFi company Sienna Network core contributor Monty Munford said, “Of all the networks in all the world, we chose Secret because it was a yes-yes-yes brainer. They understand privacy and we understand DeFi. Match made in heaven.”

Apart from private DeFi, the firm will also support Secret NFTs – an endeavour currently in development. Secret NFTs are non-fungible tokens that allow for private ownership as well as public and private metadata.

Highlighting the benefits of Secret NFTs, Secret Foundation’s executive director and chairman Tor Bair added, “In addition to public metadata, Secret NFTs provide an optional private metadata field. This enables you to do things like have game cards that have some public abilities, as well as special hidden abilities. Or an art NFT creator might choose to make a thumbnail or watermarked version of the image public so people have an idea of what they are buying, but the full resolution/non-watermarked version is private and must be purchased to view it.”

Secret is not the only player tackling this area. Other blockchain projects such as Phala, Oasis and Aleo, which recently just fundraised via Andreessen Horowitz too are playing in the same arena.

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