Led · Equity · Nov 2025

Zaiffer is a newly launched joint venture between open-source cryptography firm Zama and Web3 venture builder PyratzLabs that brings fully homomorphic encryption (FHE) to decentralised finance. Its core product, the Confidential Token Standard, lets any ERC-20 or EVM-compatible asset be wrapped into a confidential version (e.g., USDC → cUSDC) whose on-chain amounts remain encrypted while sender and receiver links stay visible. Users can selectively disclose balances or grant time-limited viewing rights to exchanges, auditors, or regulators, ensuring both privacy and compliance. The protocol operates on Zama’s FHE network, completing encrypted transactions in under five seconds and supporting use cases such as confidential payroll, private swaps, OTC trades, and shielded treasury management. Crucially, cTokens interoperate with existing DeFi apps without requiring new wallets, bridges, or separate liquidity pools, removing a key barrier to institutional adoption. By framing itself as a 'VPN for on-chain finance,' Zaiffer aims to make confidentiality a switchable feature across the entire Ethereum ecosystem. No operating metrics such as revenue or user base have been disclosed.