Incognito is building a sidechain to bring privacy to cryptocurrencies

Quick Take

  • Incognito is a blockchain-agnostic sidechain offering privacy features
  • The founding team has self-funded the project with $1M in funding

One of the major drawbacks of cryptocurrencies like bitcoin and ether is the lack of privacy features offered by their networks. Incognito hopes to change that.

Incognito is building a blockchain-agnostic sidechain to bring privacy features to various networks. Founded in 2018, the firm is entirely self-funded with $1 million from the founding team.

Incognito CEO and founder Duy Huynh tells The Block he was inspired to start the project after paying his employees with stablecoins at his last company. While Huynh "saved processing time and money on international wire fees, employee salaries were exposed publicly on the Ethereum blockchain."

"No one wants to show their bank statements to the entire world," Huynh says.

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