Manta Network, a privacy layer project for the Polkadot ecosystem, has completed a new funding round to continue to evolve decentralized finance (DeFi) use cases by strengthening blockchain privacy.
Announced Tuesday, Manta Network’s latest $ 5.5 million round of funding included the participation of more than 30 venture capital funds, including crypto hedge fund CoinFund and alternative investment firm ParaFi Capital.
Other investors included investment fund Web 3. LongHash Ventures, CMS Holdings, Divergence, Spartan Group, Global Coin Ventures, SkyVision Capital, Zee Prime and SNZ.
The funding also featured some of the industry’s top individual investors from large cryptocurrency companies such as Digital Currency Group, Consensys, and Bitcoin.com. According to the announcement, the angel investors included SushiSwap 0xMaki’s semi-anonymous lead contributor, Dragonfly Capital’s Kevin Hu, ParaFi general partner Santiago Santos and others.
Founded in 2020, Manta Network is focused on creating an interoperable, privacy-focused blockchain protocol aimed specifically at DeFi applications with the goal of making DeFi truly private. The protocol uses zk-SNARKs with Groth16 evidence, the same cryptographic technology implemented behind the privacy-focused Zcash cryptocurrency (ZEC).
According to CoinFund CEO and Founder Austin Barack, Manta builds “one of the basic primitives for preserving privacy within DeFi.”
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“By leveraging the substrate, which enables specially designed Layer 1 networks, Manta can create a ZKSnark privacy preservation architecture directly in the base layer and solve several existing issues that users face today,” such as front running and the lack of confidentiality when transferring or managing a portfolio, ”he said.
Earlier this year, Manta Network finalized a $ 1.1 million fundraiser led by Polychain Capital and joined by leading industry companies such as Alameda Research and DeFiance Capital.