Arcium-incubated privacy protocol Umbra receives $155 million in ICO commitments on MetaDAO

Umbra, a privacy protocol incubated by Arcium, has raised $154.9 million in USDC following the completion of its Initial Coin Offering (ICO) on Friday.

However, because the cap was set to $3 million, an initial price of $0.30 per UMBRA token, participants will get approximately 2% of their allocation, the team explained. Therefore, each person will receive their share according to the USDC they committed, and have the remaining refunded.

The Solana-based project drew participation from 10,518 investors via MetaDAO — one of the most successful raises on the futarchy-powered platform to date. Futarchy refers to a governance or decision-making model that uses prediction markets to guide outcomes.

The project’s token sale exceeded its $750,000 minimum target by more than 206x, reflecting growing market interest in privacy-focused blockchain applications and demand for confidential transaction infrastructure in decentralized finance.

“We’re genuinely overwhelmed by the support from our community,” Umbra co-founder “Kru” said in a statement shared with The Block. “This raise is a strong signal that privacy-preserving technology isn’t just a niche anymore — it’s becoming a fundamental expectation for users. We’re excited to keep building and delivering on our vision with Arcium and the Solana ecosystem.”

Umbra joins a range of encryption applications powered by Arcium, such as Dark Pool, Blackjack, and Phantom Fleet. Proceeds from the raise will fund Umbra’s development roadmap, including private swaps within the Umbra app, a redesigned interface, and a Zcash–Solana bridge to unlock ZEC liquidity for cross-chain privacy use cases, the team said. The protocol also plans to introduce a tiered fee model and monetize its SDK for integration with wallets, dApps, and financial platforms.

Umbra’s launch plans

Umbra plans to launch alongside Arcium’s Mainnet Alpha, becoming one of the first privacy protocols on Solana to use its infrastructure. In May 2024, Arcium announced it had raised $5.5 million in a strategic funding round led by Greenfield Capital to develop its confidential computing network, The Block previously reported. 

Arcium, which recently completed the second phase of its public testnet, has now raised over $15 million in total to support an ecosystem of more than 20 projects. Its Multi-Party Computation (MPC) framework enables encrypted, trustless, and scalable data processing. The project previously developed Elusiv, a zero-knowledge privacy protocol based on Solana.

“It’s incredible to see Umbra’s ICO become a record-breaking success. It’s a clear message from users who want greater control and privacy over their onchain activity,” Arcium CEO Yannik Schrade said on Friday. “What Umbra is doing for privacy on Solana is just the beginning; Arcium’s infrastructure opens access to fast and trustless, encrypted computing power for every use cases that needs it, marking a monumental shift for public blockchains.”

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