Manta Network, a Polkadot ecosystem privacy layer project, has raised new funds to continue growing decentralized finance (DeFi) application cases by improving blockchain privacy.
On Tuesday, Manta Network launched a $5.5 million financing round with more than 30 venture funds participating, including cryptocurrency hedge fund CoinFund and alternative investing firm ParaFi Capital.
LongHash Ventures, CMS Holdings, Divergence, Spartan Group, Global Coin Ventures, SkyVision Capital, Zee Prime, and SNZ were other investors.
Individual investors from significant digital currency firms such as Digital Currency Group, Consensys, and Bitcoin.com have also contributed to the fundraising. In addition, as per the statement, Angel investors included SushiSwap’s semi-anonymous key contributor 0xMaki, Dragonfly Capital’s Kevin Hu, ParaFi managing partner Santiago Santos, and others.
Manta Network was established in 2020 to create a privacy-focused and interoperable blockchain protocol, particularly for DeFi apps, to make DeFi truly private. The protocol employs zk-SNARKs with Groth16 proofs, the same cryptography that underpins the privacy-focused digital currency Zcash (ZEC).
Manta is developing one of the key primitives for privacy protection within DeFi, as per CoinFund CEO and creator 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 closed a $1.1 million fundraising round previously this year, sponsored by Polychain Capital and including key industry players, including Alameda Research and DeFiance Capital.