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Privacy Protocol Manta Network Closes $5.5 Million Funding Round Ahead of Polkadot Parachain Auctions — DailyCoin

Blockchain privateness resolution Manta Network has efficiently raised $5.5 million in funding led by Coinfund and Parafi Capital.

A ton of different large names from the cryptocurrency trade additionally participated within the funding together with CMS Holdings, Divergence, Spartan Group, Longhash Ventures, Global Coin Ventures, SNZ, Zee Prime, and SkyVision Capital. 

Angel traders that joined in embody SushiSwap co-founder and advisor 0xMaki, Maple Leaf, Kevin Hu from Dragonfly, Santiago R Santos, key members from Parity and the Web3 Foundation, and members from Grayscale Investments’ dad or mum firm Digital Currency Group, Consensys, Polygon, Cream, Alpha, Perp, DoDo, Bitcoin.com, Subquery, Bitcountry, and Impossible Finance. 

“We’re excited and proud to be joined by the most reputable thought leaders, investors, and angels in the space on our mission to privatize all crypto assets,” 

stated Kenny Li, core contributor to Manta Network

“Together, we recognize the importance of privacy in Web3, which is required to scale DeFi use cases.”

What’s Been Developing at Manta Network?

Founded final 12 months, Manta Network goals to allow privateness for any parachain asset and each crypto asset. The purpose of the challenge is to guarantee ease of use and flexibility to encourage widespread ecosystem progress.

Recently, Manta Network’s canary community on Kusama, Calamari Network received a parachain slot and have become the preferred parachain challenge based mostly on contribution depend.

Last week, Polkadot additionally introduced that its much-anticipated parachain public sale course of the place tasks are allotted slots for constructing on its community is kicking off subsequent month, on Nov. 11. The ongoing Kusama parachain auctions have already seen 2.4 million KSM contributed to crowdloans by greater than 49,000 distinctive addresses.

“The Polkadot treasury currently has 18,936,300 DOT in it ready to spend on *your* ideas for building, improving, educating and indeed, anything else that the Polkadot governance believes valuable,”

wrote Gavin Wood, founder of Polkadot, Ethereum, Parity, and Web3 Foundation, on Twitter. 

As of writing, DOT is trading at $40.85 — down greater than 17% from its ATH — placing Polkadot’s treasury funds at over $773.5 million. 

Manta Network & Polkadot

After profitable the parachain slot on Kusama Network, Manta will probably be turning its give attention to profitable a parachain public sale on Polkadot as effectively, particularly now that it has raised the funds.

“Manta Network is building one of the core primitives for privacy preservation within DeFi,” 

stated Austin Barack, Principal at CoinFund. 

Barack additional famous that by constructing upon Substrate, which permits for purpose-built layer 1 networks, Manta can construct ZKSnark privacy-preserving structure instantly into the bottom layer. Through this, Manta can resolve a quantity of current issues equivalent to entrance operating and lack of privateness when making transfers or managing a portfolio. 

“Leveraging relaychain interoperability, Manta will also be able to provide users across all Polkadot parachains with these services. We are thrilled to support this incredible team as they build much needed DeFi tooling,” 

Barack added.

Once Manta establishes the parachain slot, the workforce will launch its very first product MantaPay. It will allow its customers to privately ship wrapped BTC, ETH, DOT, and different crypto-assets as parachain property to any pockets handle on Manta Network.

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