Hinkal Raises $1.4 Million in Strategic Funding Round
Hinkal, a zero-knowledge (ZK) protocol that enables institutional investors to trade privately on-chain, has successfully raised $1.4 million in a strategic funding round led by SALT Fund. Other investors in this funding round include Draper Associates, SNZ Capital, and Peer VC.
Significant Investor Interest Leads to Successful Funding Round
Nika Koreli, co-founder and Chief Technology Officer (CTO) of Hinkal, shared that the decision to raise this strategic round was due to the significant interest shown by investors. Within just two weeks, the round was closed after receiving interest in March.
Koreli structured the round as a simple agreement for future equity (SAFE) with token warrants, resulting in Hinkal’s valuation reaching $70 million.
Tal Cohen, CEO of Kraken U.S., Joins Hinkal’s Advisory Board
In addition to the successful funding round, Tal Cohen, CEO of Kraken U.S., has also joined Hinkal’s advisory board, bringing valuable expertise and insights to the team.
Introducing Hinkal: A Gateway to Confidential On-Chain Trading
Hinkal provides a platform for confidential on-chain trading catered towards institutional investors like venture capital funds, liquid funds, and family offices. This is made possible through its ZK protocol, allowing users to participate in decentralized applications using self-custodial private wallet addresses.
- Traditional finance capabilities in the crypto space
- Appeal to institutional users seeking privacy
Koreli emphasized the importance of know-your-business (KYB) verification within Hinkal to prevent illicit activities. The platform offers an attestation layer with various validation methods, including ownership verification of centralized exchange accounts or decentralized identity (DID) providers like Authento, ZkMe, and Galxe Passport.
‘Vested Tokens’ Sales Ensured for Users
Hinkal enforces strict measures to ensure that only vested tokens can be liquidated through the protocol by its users, including VCs. This approach aims to prevent the transfer of unvested tokens to the platform, ensuring compliance with traditional vesting models.
AJ Scaramucci, founder of SALT Fund, hailed Hinkal as a revolutionary protocol that addresses crucial pain points for institutional funds, founders, and VCs by enabling private DeFi trading and token liquidation strategies without disrupting the broader market.
Diverse Blockchain Network Integration and Major DApp Support
Hinkal is operational across seven blockchain networks, including Ethereum, Base, Arbitrum, Optimism, Avalanche, Polygon, and BNB Chain. The platform also extends support to all major decentralized applications (DApps), enhancing its accessibility and reach within the broader crypto ecosystem.
With a workforce of around ten employees, Hinkal’s co-founder Koreli envisions maintaining a lean team structure to ensure efficiency and agility in serving its users and adapting to evolving market trends.
Hot Take: Hinkal’s Future in Facilitating Private On-Chain Trading Opportunities
As Hinkal continues to pave the way for private on-chain trading solutions for institutional investors, its recent funding success and strategic partnerships position it favorably for growth and innovation in the evolving crypto landscape. With a commitment to privacy, compliance, and user experience, Hinkal is poised to play a pivotal role in shaping the future of decentralized finance (DeFi) trading. Stay tuned for further developments and advancements from Hinkal as it continues to redefine the standards for secure and confidential on-chain transactions.
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