The developers of the startup Hinkal raised $1.4 million

Startup Hinkal raised funds as part of a strategic funding round in the amount of $1.4 million. Business valuation reached $70 million. The leaders of this project are creating a zero-knowledge (ZK) protocol that allows institutional investors to trade anonymously online.

According to the data, SALT Foundation led this round. This is a foundation headed by Anthony Scaramucci's son, A.J.. Other investors highlighted include Draper Associates, SNZ Capital and Peer VC. The Hinkal project operates on 7 blockchains, including Ethereum, Base, Arbitrum, Optimism, Avalanche, Polygon and BNB Chain,

Hinkal co-founder and technical director Nika Koreli told The Block that the company raised more funds than it originally planned. She added that the stage was structured as a simple agreement for future shares (SAFE) and token options. Kraken US CEO Tal Cohen has joined the startup's advisory board.

Hinkal provides confidential online trading for institutional investors including venture capital funds, liquid funds and family offices. This is made possible thanks to a protocol that makes it possible to use decentralized applications with independent private wallet addresses.

“In traditional finance, you can send/sell and exchange without people watching you. Hinkal allows this to happen with cryptocurrencies, attracting a new wave of institutional clients who value on-chain privacy,” Koreli said.

Hinkal requires Know Your Business (KYB) verification for users. This is necessary to prevent illegal use of the protocol. The developers came up with a certification level that provides a choice of verification methods. Client users can either verify ownership of a centralized exchange account or use decentralized identity (DID) providers including Authento, ZkMe and Galxe Passport.

AJ Scaramucci called Hinkal a «groundbreaking protocol.» He said the startup addresses “critical pain points for institutional funds, founders, and venture capitalists by enabling private DeFi trading strategies and token liquidations without disrupting the broader market.”