Manta Network Raised $5.5 Mln To Enhance Blockchain Privacy.

The freshly raised money will be used by Manta Network to expand DeFi use cases by enhancing blockchain privacy.

Manta Network, a Polkadot ecosystem privacy layer project, has secured further funding in order to expand decentralized finance (DeFi) use cases by increasing blockchain privacy.

On Tuesday, Manta Network launched a $5.5 million funding round involving over 30 venture capital firms, including crypto hedge fund CoinFund and alternative investment firm ParaFi Capital.

Other investors included LongHash Ventures, CMS Holdings, Divergence, Spartan Group, Global Coin Ventures, SkyVision Capital, Zee Prime, and SNZ.

Individual investors from significant cryptocurrency firms such as Digital Currency Group, Consensys, and have also contributed to the fundraising. Angel investors included SushiSwap’s semi-anonymous key contributor 0xMaki, Dragonfly Capital’s Kevin Hu, ParaFi managing partner Santiago Santos, and others, according to the statement.

Manta Network was founded in 2020 with the goal of creating a privacy-focused and interoperable blockchain protocol particularly for DeFi apps, with the goal of making DeFi truly private. The protocol employs zk-SNARKs with Groth16 proofs, the same cryptographic technique as Zcash, a privacy-focused cryptocurrency (ZEC).

Manta is developing “one of the key primitives for privacy protection within DeFi,” according to CoinFund CEO and founder Austin Barack.

By building ZKSnark privacy-preserving architecture directly into the base layer and solving several existing problems users face today, such as front running and lack of privacy when making transfers or managing a portfolio, Manta can build ZKSnark privacy-preserving architecture directly into the base layer and solve several existing problems users face today,” he said.

Manta Network closed a $1.1 million fundraising round earlier this year, sponsored by Polychain Capital and including key industry players including Alameda Research and DeFiance Capital.

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