The polkadot ecosystem is again in headlines after Manta Network, its privacy layer has finished a new funding round and is moving ahead to boost blockchain privacy for scaling decentralized finance (DeFi) use cases.
Manta Network announced today that more than 30 venture funds participated in the recent $5.5 million funding round. CoinFund, the famous crypto hedge fund, and ParaFi Capital are the two big names among them.
Other investing firms include LongHash Ventures, Spartan Group, SkyVision Capital, SNZ, Zee Prime, Global Coin Ventures, and Divergence.
Not only big firms, but the industry’s prominent individual investors from major cryptocurrency companies have also contributed to the fundraise. These include investors from Consensys, Bitcoin.com, and Digital Currency Group.
As per the announcement, Manta Network also had angel investors including Kevin Hu from Dragonfly Capital, semi-anonymous 0xMaki from SushiSwap, and Santiago Santos, the general partner of ParaFi.
Manta Network working on core primitives for DeFi privacy
Manta Network was founded in 2020 with the aim of building an interoperable and privacy-focused blockchain protocol. The focus was specifically on making DeFi applications “actually private.”
The protocol uses the same cryptographic technology as implemented in privacy-oriented cryptocurrency Zcash, zk-SNARKs along with Groth16 proofs.
Austin Barack, the CEO of the CoinFund, the major contributor in the fundraising round, said that the Manta is creating one of the fundamental primitives for genuine privacy and security in the DeFi world.
He adds,” Building upon Substrate, which allows for purpose-built layer one networks, Manta has the ability to build ZKSnark privacy-preserving architecture directly into the base layer and solve several existing issues that users face today like front running and privacy concerns while making transfers or maintaining a portfolio.”
In February 2021, Manta Network rounded up a $1.1 million funding round which was headed by Polychain Capital. Many big firms like DeFinance Capital and Alameda Research participated in that round.
Read More
All News
Floppypepe ($FPPE) is your ticket to the moon. Escape the ordinary and reach for lunar gains with this AI meme token. Secure your spot now before it's too late.
Join Now