Haven Protocol Launches Brand New Privacy Assets

Ritika Sharma
Ritika Kumari Sharma is an Economics Honors graduate from the University of Calcutta. She is completely into finance and believes that cryptocurrencies are the future. She is an enthusiast learner about the cryptocurrency and blockchain technology.
  • DeFi protocol called Haven has emerged which promises to offer offshore money without requiring a lawyer in just 25 days
  • Haven has launched four new Private Assets namely, xGOLD, xSILVER, xCNY, and xEUR
  • These new assets would be soon added to the Haven network as soon as the v0.16 upgrade is being activated

Covid-19 pandemic may have hurt the economy big time in the past six months but here in the crypto world, it has had a positive effect. The DeFi protocol called Haven has emerged which promises to offer offshore money without requiring a lawyer in just 25 days. This was in response to the leakage of the Panama Papers back in 2016, which revealed that rich investors used offshore bank accounts to save their funds from heavy taxation. Hence, Haven cultivated the idea of providing users with offshore accounts but with enhanced privacy. 

Four new Privacy-Focused Assets

However, more recently Haven has launched four new Private Assets. Namely, xGOLD, xSILVER, xCNY, and xEUR the launch of these is a great milestone for the project. For very long, the investors have demanded these private assets and finally, the company has acknowledged their demand. These new assets would be soon added to the Haven network as soon as the v0.16 upgrade is being activated. 

Brief Insight to the Utilities of the Assets

On one hand the xGOLD and xSILVER allow users to invest in assets where they can privately store their funds in a safe manner. Simply, the asset can be used against the inflation as a hedge during times of economic instability. Complete privacy would be maintained for the users who choose to invest in metals using these two privacy assets. On the other hand, xCNY and xEUR is specifically aimed to further new opportunities and trading options for investors in Europe and Asia. xUSD, xCNY and xEUR to serve as foundational assets for Haven’s ecosystem as the team continues to develop the privacy system of the protocols.

Haven Combines Privacy Feature of Monero and Usage of Stablecoins

Haven is the best example of combining the privacy feature of Monero along with the vast use cases of stablecoins. However, the negative aspects of the Haven protocol is that it receives very less funding. As of now it has no Initial Coin Offering (ICOs) or any sort of venture capital. It just comprises four main project developers and four different executive members. The team believes that it is high time that cryptos must shift to the higher levels of privacy protection. As transactions are transparent in blockchain it becomes difficult to use it in several areas of commerce, business and finance.

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