Manta Network, an on-chain privacy solution designed for the Polkadot ecosystem, has received $ 5.5 million in funding from a number of private equity firms and angel investors.
The network, which aims to boost the privacy of Challenge users, has won the investment from some of the biggest names in the blockchain space in a round led by Coinfund and Parafi Capital.
Among more than 30 venture capital funds that pledged capital were CMS Holdings, Divergence, Spartan Group, Longhash Ventures, Global Coin Ventures, SNZ, Zee Prime and SkyVision Capital. Several angel investors also participated in the fundraising round, including members of the Polkadot-focused Web3 Foundation and members of Consensys, Digital Currency Group, Polygon and Bitcoin.com.
“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 to Manta Network. “Together, we recognize the importance of privacy in Web3, which is necessary to evolve challenging use cases.”
Built on the Substrate framework, Manta Network’s first use case is MantaPay, a decentralized payment protocol that uses ZKP-based privacy technology to ensure the anonymity of on-chain transactions of parachain assets. Another upcoming release is MantaSwap, a decentralized, privacy-centric (DEX) exchange. According to CoinFund director Austin Barack, the platform is “build one of the basic primitives for the preservation of privacy in challenge.”
Barack added, “Manta can create a ZKSnark privacy preservation architecture right in the base layer and solve a number of existing issues that users face today, such as front running and lack of privacy during transfers 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’re excited to support this amazing team as they build the much-needed challenge tooling. “
The investment round is Manta’s second of the year; In February, the company raised $ 1.1 million in a round led by Polychain Capital.
Making waves in the Polkadot ecosystem
The $ 5.5 million is just the latest cause for celebration at Manta headquarters; last month, the Calamari platform’s canary network won the seventh Kusama parachain auction slot. Calamari is described as a plug-and-play privacy preservation protocol intended to serve the growing challenge stack on Kusama, Polkadot’s own testing ground for promising dApps.
Development of a Polkadot-Kusama bridge is underway and is expected to be commissioned before the end of the year, after which all native KSM assets will be readily available on – and interchangeable with – Polkadot. Having already won a slot auction on Kusama, Manta Network will be looking for a coveted slot when Polkadot launches its own auctions next month (November 11 – December 9).
Privacy is seen as a major challenge for Challenge Protocols, and over the past year a number of projects have sprung up to address this issue. Besides Manta Network, whose founding team includes crypto veterans and professors from Harvard and MIT, major “private” companies include Sienna Network, Panther Protocol and Secret Network.