Manta Network Privacy Protocol Closes $ 5.5 Million Funding Round Ahead of Polkadot Parachain Auction
Blockchain privacy solution Manta Network has successfully raised $ 5.5 million in funding led by Coinfund and Parafi Capital.
A ton of other big names in the cryptocurrency industry also participated in the funding, including CMS Holdings, Divergence, Spartan Group, Longhash Ventures, Global Coin Ventures, SNZ, Zee Prime, and SkyVision Capital.
Angel investors who have joined us include SushiSwap 0xMaki co-founder and advisor, Maple Leaf, Dragonfly’s Kevin Hu, Santiago R Santos, key members of Parity and the Web3 Foundation, and members of the parent company from Grayscale Investments Digital Currency Group, Consensys, Polygon, Cream, Alpha, Perp, DoDo, .com, Subquery, Bitcountry and Impossible Finance.
“We are delighted and proud to be joined by the most renowned thought leaders, investors and angels in space in our mission to privatize all crypto assets,” said Kenny Li, Principal Contributor of Manta Network .
“Together, we recognize the importance of privacy in Web3, which is necessary to evolve DeFi use cases. ”
What is developing at Manta Network? Founded last year, Manta Network aims to ensure the confidentiality of all parachain assets and crypto assets. The objective of the project is to ensure ease of use and adaptability to encourage widespread growth of the ecosystem.
Recently, Manta Network’s canary network on Kusama, Calamari Network, won a parachain slot and became the most popular parachain project based on number of contributions.
Last week also announced that its highly anticipated parachain auction process, where projects are allocated slots for construction on its network, will begin next month, Nov. 11. over 49,000 unique addresses.
“Polkadot’s treasury currently has 18,936,300 DOTs ready to be spent on * your * ideas to build, improve, educate and, in fact, whatever Polkadot governance sees fit,” wrote Gavin Wood, founder of Polkadot. ,, Parity and Web3 Foundation, on Twitter (NYSE :).
At the time of writing, DOT is trading at $ 40.85 – down over 17% from its ATH – bringing Polkadot’s treasury funds to over $ 773.5 million.
Manta Network & Polkadot After winning the Parachain Slot on Kusama Network, Manta will also be focusing on winning a Parachain auction over Polkadot, especially now that she has raised the funds.
“Manta Network is building one of the basic primitives for preserving privacy within DeFi,” said Austin Barack, principal at CoinFund.
Barack further noted that by relying on the substrate, which enables specially designed Layer 1 networks, Manta can create a ZKSnark privacy preservation architecture directly in the base layer. Thanks to this, Manta can solve a number of existing issues such as front running and lack of privacy when transferring or managing a portfolio.
“By taking advantage of the interoperability of the relay chains, Manta will also be able to provide these services to users of all Polkadot chains. We are thrilled to support this amazing team as they build the much-needed DeFi tooling, ”added Barack.
Once Manta establishes the parachain slot, the team will launch their very first MantaPay product. It will allow its users to privately send BTC, ETH, DOT and other crypto assets as parachain assets to any wallet address on Manta Network.
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