Nucleo, a company that aims to build on-chain privacy infrastructure for organizations, has raised $4 million in seed funding.
The round, led by the crypto arm of investment firm Bain Capital and 6th Man Ventures, also featured participation from others in the privacy infrastructure sector including Aztec Network, Aleo, and Espresso Systems, a news release said.
The company seeks to create a private multi-sig solution for organizations to transact on the Ethereum blockchain through zero-knowledge cryptography. Multi-sig, or multi-signature, is a digital signature arrangement used in crypto wallets that requires more than one user to authorize and send transactions.
Money raised via DAOs is publicly accessible via on-chain data. With the funding, the project plans to develop a service for organizations to tap into DeFi privately, add further blockchain network integrations and expand its team. Still, the raise for the project comes amid continued pressure from regulators on crypto projects that look to enhance user privacy.