Manta Network will use the freshly generated cash to expand the scope of DeFi use cases by increasing blockchain privacy, according to the company.
Polkadot ecosystem privacy layer project Manta Network has completed a new funding round to continue scaling decentralized finance (DeFi) use cases by enhancing blockchain privacy. The project is part of the Polkadot ecosystem.
Manta Network’s latest $5.5-million funding round, which was announced on Tuesday, included participation from more than 30 venture capital funds, including crypto hedge fund CoinFund and alternative investment firm ParaFi Capital, among others.
Others who invested included LongHash Ventures, a Web 3. investment fund; CMS Holdings; Divergence; Spartan Group; Global Coin Ventures; SkyVision Capital; Zee Prime; and Singapore National Zodiac (SNZ).
Some of the most famous individual investors in the sector, including representatives from key cryptocurrency organizations like as Digital Currency Group, Consensys, and Bitcoin.com, have participated in the funding.
SushiSwap’s semi-anonymous core contributor 0xMaki, Dragonfly Capital’s Kevin Hu, ParaFi general partner Santiago Santos, and others were among the angel investors named in the announcement.
Manta Network, which was founded in 2020, is dedicated to developing a privacy-focused and interoperable blockchain technology that will be used exclusively for DeFi applications, with the goal of making DeFi truly private.
Groth16 proofs are used to secure the protocol, which is based on the same cryptographic technology as is used to secure the privacy-oriented cryptocurrency Zcash (ZEC).
Manta is developing “one of the basic primitives for privacy preservation within DeFi,” according to CoinFund CEO and founder Austin Barack.
“Building upon Substrate, which allows for purpose-built layer one networks, Manta can build ZKSnark privacy-preserving architecture directly into the base layer and solve several existing problems users face today such as front running and lack of privacy when making transfers or managing a portfolio,” he said.
Manta Network completed a $1.1 million funding round earlier this year, which was led by Polychain Capital and included participation from major industry firms such as Alameda Research and DeFiance Capital.