Manta Network, a privacy layer project for the Polkadot ecosystem, has completed a new round of funding to continue to scale decentralized finance (DeFi) use cases by driving blockchain privacy.
Announced Tuesday, Manta Network's latest $ 5.5 million funding round included participation from more than 30 venture 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 has also featured some of the industry's leading individual investors from major cryptocurrency companies, such as Digital Currency Group, Consensys, and Bitcoin.com. According to the announcement, the angel investors included SushiSwap's semi-anonymous lead contributor. 0xMaki, Kevin Hu of Dragonfly Capital, Santiago Santos, General Partner of ParaFi, and others.
Founded in 2020, Manta Network is focused on creating an interoperable and privacy-focused blockchain protocol specifically targeting DeFi applications, with the goal of making DeFi truly private. The protocol uses zk-SNARKs with Groth16 tests, the same cryptographic technology implemented behind the privacy-oriented cryptocurrency Zcash (ZEC).
According to CoinFund CEO and founder Austin Barack, Manta is building "one of the fundamental primitives for privacy preservation within DeFi."
Related: Polkadot Web3 Talisman wallet closes $ 2.35 million seed funding round
โBased on Substrate, which enables specially designed layer one networks, Manta can build the ZKSnark privacy preservation architecture directly on the base layer and solve various existing problems faced by users today, such as initial execution and lack of privacy when making transfers or managing a portfolio, โhe said.
Earlier this year, Manta Network completed a $ 1.1 million funding round led by Polychain Capital and joined by leading industry firms such as Alameda Research and DeFiance Capital.
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