Richard is a researcher and developer specialising in zero-knowledge systems for trustless settlement. He started his career in crypto full-time in 2018 at Set Protocol, where he helped develop early structured products during the “DeFi Summer” period. Driven by a desire to link crypto with real-world activity, he began researching ZK infrastructure, which eventually led to the creation of ZKP2P.
Amidst the activity at DevConnect in Buenos Aires, Argentina, we had the chance to speak with Richard, a core contributor to ZKP2P, about the potential of Zero-Knowledge TLS (ZK TLS). He explained how they are using it to build a trustless peer-to-peer payment network that bridges fiat and DeFi without centralised intermediaries.
ZKP2P is a decentralised protocol that enables users to securely on-ramp and off-ramp fiat currency through existing payment apps like Venmo and Revolut. By utilising ZK TLS, the protocol verifies the authenticity of off-chain payments to release on-chain funds, thereby eliminating counterparty risk.
Read more about ZKP2P’s approach to solving the fiat-to-crypto bottleneck in the interview below.
You’ve been in the space for some time and helped build Set Protocol during the height of DeFi Summer. What motivated the shift from asset management to zero-knowledge infrastructure, and how did ZKP2P emerge from that transition?
I got into crypto quite some time ago. I started following Bitcoin and Ethereum around 2015. A colleague mentioned Ethereum to me and showed me an early version of MetaMask, which, honestly, wasn’t very good, but the concept of smart contracts was genuinely exciting. I became part of the community, bought some crypto, and continued learning.
In 2018, I started working full-time in crypto at a DeFi project called Set Protocol. We were creating early structured products and asset management tools. I spent around four years there, launched products that gained popularity during DeFi Summer, and learned a lot. By late 2022, I was tired of the repetitive yield farming cycle of staking tokens for more tokens. I wanted to work on something that truly linked crypto to real-world activities. Around that time, I got deep into ZK and learned about it from scratch.
At a hackathon, my co-founder Suchin and some former colleagues from Set developed a prototype that demonstrated how you could make an off-chain payment and use that proof to release funds on-chain. That project grew into ZKP2P.
ZKP2P relies on a technology called ZK TLS. How does this cryptographic primitive enable you to verify off-chain payments without requiring a centralised oracle?
ZK means zero knowledge. It is a cryptographic technique that allows someone to prove a statement is true without revealing any additional information. ZK TLS is a method that lets us verify that an API response from a server is genuine without disclosing unnecessary data within that response. It enables us to maintain privacy while still demonstrating authenticity.
ZK TLS allows us to demonstrate that you have made an off-chain payment on a supported payment platform. This proof is then submitted to an on-chain escrow contract, which automatically releases the funds. It removes the need for trust in peer-to-peer transactions. You no longer have to trust the counterparty in the way you would on LocalBitcoins, Binance P2P, or Facebook Marketplace.
Since launching, who are the primary users driving volume? Are you mostly seeing privacy-focused individuals, or are you also seeing other behaviours, such as speculation?
There are three main groups. The first includes people in the US and Europe seeking a privacy-preserving way to on-ramp or off-ramp fiat without using a centralised exchange. The second consists of speculators who want to get on-chain quickly to trade, often on Solana, poker sites, or Telegram groups. The third comprises users who previously relied on platforms like Telegram swap groups and are now moving to a trustless escrow.
For Liquidity Providers, the yields are currently quite high. How does the LP experience function on a non-custodial protocol compared to a traditional exchange?
ZKP2P operates fully on-chain and is non-custodial. Buyers on-ramp and liquidity providers (LPs) supply USDC liquidity. LPs deposit USDC into a vault contract, set an exchange rate, select a payment platform, and specify the currency they wish to receive. Takers match with them and pay the spread. Currently, LPs can earn very high yields, often between 50 and 150 per cent.
You’ve chosen to keep liquidity concentrated on Base for now. What is the strategy behind avoiding fragmentation, and do you plan to expand to other chains or assets soon?
Liquidity sits on Base to prevent fragmentation. Users can on-ramp to over twenty chains and receive any token on those networks. Since everything is on-chain, we can integrate swaps and bridges. We will adopt a multichain approach once we address some fragmentation issues. We chose Base because it is affordable, fast, user-friendly, and allows us to sponsor user gas.
Users often get rates that beat those offered by traditional fintech apps. How does the peer-to-peer nature of the order book facilitate this “coincidence of wants” to drive down costs?
Anyone can provide liquidity at any rate. Many users want to off-ramp quickly and set one-to-one or even below-market rates. This creates a coincidence of wants, with on-rampers and off-rampers meeting in the middle, allowing both to obtain the best prices.
To compete with Venmo or Cash App, the UX needs to be seamless. How are you abstracting away the complexity of setting rates for non-crypto native users?
We handle this by segmenting the experience. While the web interface is designed for crypto-native power users, the mobile app simplifies everything by removing manual rate-setting entirely. Users are presented with simple, clear choices: a standard one-to-one off-ramp or an “earn” option that sits 1% or 2% above market. This is a key differentiator. While apps like Venmo and Cash App charge 2% for instant withdrawals, we let you earn money by off-ramping.
Building ZK TLS templates requires reverse engineering Web2 APIs. Was that the biggest technical hurdle, or is bootstrapping decentralised liquidity the bigger challenge?
Historically, reverse engineering the unique API structures for each payment platform was definitely the most challenging technical hurdle. However, now that we have automated that process, the primary challenge has shifted to bootstrapping decentralised liquidity. We cannot simply rely on a single whale; we need to cultivate a broad, diverse set of LPs to ensure the network is robust.
You currently support major platforms like Revolut and Venmo. Since ZK TLS is permissionless, does this mean you can scale to global regions like East Asia or LatAm without needing official partnerships?
Yes. This is only the start. We intend to add platforms in East Asia, including Japan, China, Hong Kong, and Singapore, as well as in Latin America, the Middle East, and India. ZK TLS is permissionless, so we do not need to partner with these companies. Once we have access to inspect the API, supporting them takes about two hours.
Why was this specific architecture of using ZK proofs to verify fiat payments not feasible during the last cycle in 2020?
ZK TLS did not exist at that time. Even early versions were very difficult for developers to use. We managed to do it because we started deep within the ZK infrastructure layer and worked our way up from there.
Beyond payments, where else do you see ZK TLS making an impact? Are there applications for identity or Sybil resistance?
Identity verification for Sybil resistance, particularly for airdrops. Financial use cases are the most compelling because authenticity truly matters.
You are currently in private beta for a mobile app. What role does mobile play in your roadmap, and how will wallet integrations change the user flow?
Mobile is central to our consumer strategy. We are using this private beta phase to gather critical feedback from early users to perfect the experience. Once validated, we plan to aggressively expand coverage of the payment platform and build deeper wallet integrations. This will transform the user flow, allowing anyone to on-ramp and immediately lend, swap, or earn without ever leaving the app.
You mentioned that ZKP2P can effectively function as a compliant mixer. How does the protocol break the on-chain link between a user’s fiat source and their fresh wallet?
Many people use centralised exchanges as accidental mixers, even though everything is traceable. With ZKP2P, you can off-ramp to fiat, then immediately on-ramp back to a fresh wallet with no history. To the blockchain, it appears funds originated from fiat. Regulators can still follow the fiat trail if needed, but the public cannot.
The name ZKP2P appeals to a specific crypto-native niche. Why is a rebrand necessary to reach the next tier of mainstream adoption?
ZKP2P was popular among the cyberpunk crowd we initially attracted. As we expand to mainstream users, we require a more approachable name. More details coming soon.
Looking at the broader ecosystem, you mentioned being bullish on privacy. How do you see the landscape evolving from tools like Tornado Cash to the new generation of compliant privacy infrastructure?
Privacy has been neglected for too long and was mainly associated with negative examples like Tornado Cash. Nowadays, there are compliant privacy tools that enable users to safeguard the privacy of their balances and financial information while still preventing malicious activities. Projects such as Aztec, Privacy Pools, and Vitalik’s new privacy wallet concept are all promising. Privacy is set to become a fundamental part of crypto infrastructure.