Manta Network, the on-chain privacy solution for blockchain assets, announced today it has raised $5.5 million in fresh funding. The blockchain platform attracted the interest of over 30 venture funds, including CMS Holdings, Divergence, Spartan Group, Longhash Ventures, Global Coin Ventures, SNZ, Zee Prime, and SkyVision Capital. Coinfund and Parafi Capital led the funding round.
Angel investors that also participated in the funding round include 0xMaki, Maple Leaf, Kevin Hu (Dragonfly), Santiago R Santos, key members from Parity and the Web3 Foundation, members from Digital Currency Group, Consensys, Polygon, Cream, Alpha, Perp, DoDo, Bitcoin.com, Subquery, Bitcountry, and Impossible Finance.
Manta, which is an outstanding member of the Substrate Builder Program and the Blockchain Accelerator of the University of California Berkeley, intends to leverage the raised funding to win a parachain auction on Polkadot. Once this happens, the project will release its first product “MantaPay” to allow private transacting for all assets. Earlier, the company’s Calamari Network earned a parachain slot after it broke records thanks to the very high contribution count.
“We’re excited and proud to be joined by the most reputable thought leaders, investors, and angels in the space on our mission to privatize all crypto assets. Together, we recognize the importance of privacy in Web3, which is required to scale DeFi use cases,” stated Kenny Li, core contributor to Manta Network.
Manta Network was founded in 2020 to address a perceived shortcoming in the blockchain ecosystem - a lack of on-chain privacy solutions. As a result, a talented team was assembled to create a solution that will tackle this problem with the focus on allowing every crypto asset to increase its privacy. The team includes both developers and investors that have a long-term goal of becoming a platform for privacy-preserving blockchain applications.
“Manta Network is building one of the core primitives for privacy preservation within DeFi, Building upon Substrate, which allows for purpose built layer 1 networks, Manta can build ZKSnark privacy preserving architecture directly into the base layer and solve a number of existing problems users face today such as front running and lack of privacy when making transfers or managing a portfolio,” said Austin Barack, Principal at CoinFund.
Prior to this funding round, Manta Network already raised $1 million in seed funding led by Polychain. The team of advisers behind the privacy-focused platform includes Hypersphere Ventures co-founder Jack Platts, Polychain partner Tekin Salimi, former Web3 Foundation co-founder Ashley Tyson, and Consensys’ Shuyao Kong.
Barack also said that the project aims to serve all Polkadot parachains with its services. Products are designed as plug-and-play to achieve easy-to-use status and a high degree of adaptability. This system also provides the project with a competitive advantage compared to other projects due to its efficiency and accessibility.
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2021-10-20 02:47:49
