Silhouette Exchange is building the first shield exchange on Hyperliquid, a privacy-preserving layer that batches and matches orders off-chain within Trusted Execution Environments (TEEs) and settles them on-chain. By combining off-chain private order matching with on-chain settlement, the platform aims to enable more secure and efficient trading environments for digital assets. The company positions its architecture as hybrid infrastructure that preserves privacy while maintaining on-chain finality. Silhouette raised an $8 million Seed round to accelerate development and expand its privacy-preserving infrastructure. The financing structure included a CLA and a Token Warrant, reflecting a blend of equity-like and token-based capital. The article does not provide revenue, user, or other operating metrics.

Total raised

$8M

Funding rounds

1

Latest round

Seed

Latest activity

Mar 2026