Polkadot DeFi Privacy Firm Aims For ‘Parachain Slot’ After Raising About $5 Million In Investment Round

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Manta Network, an on-chain privacy solution created for the Polkadot ecosystem, has received more than $5.5 million in funding from a number of private equity companies and angel investors, among others.

According to the business, it seeks to enhance DeFi users’ privacy, and has successfully secured financing from some of the greatest names in the blockchain industry in a round headed by Coinfund and Parafi Capital.

https://twitter.com/MantaNetwork/status/1450448979871809545

Global Coin Ventures, and SkyVision Capital, also invested in the funding round.

A DeFi Network Which Prioritise Privacy

According to Kenny Li, co-founder of Manta Network, they are thrilled and honoured to be joined by the most respected thought leaders, investors, and angel investors in the industry on their journey to privatise all crypto assets.

The initial application of Manta Network is MantaPay, a decentralised payment system that uses Zero Knowledge Proof (ZKP)-based privacy technology to guarantee that on-chain transactions using parachain assets stay anonymous.

According to CoinFund Principal Austin Barack, the platform is constructing one of the basic foundations for privacy protection inside the DeFi ecosystem.

He went on to say that Manta Network may integrate privacy-preserving design rights into the base layer, thus solving a number of problems that users presently experience, such as front running and a lack of privacy while making transfers or maintaining a portfolio.

Bringing Changes To Polkadot Ecosystem

By utilising relay chain interoperability, Manta will also be able to offer similar services to users across all Polkadot parachain.

Before the Manta Network gained nearly $5 million in the recent investment round, last month, the platform’s canary network Calamari was chosen to participate in Kusama’s seventh parachain auction slot.

Polkadot describes Calamari as a plug-and-play privacy preservation protocol intended to serve the developing defi stack on Kusama, Polkadot’s own testing environment for potential decentralised apps.

https://twitter.com/MantaNetwork/status/1437787641638961168

The Polkadot-Kusama bridge, which is now under development, will be operational by the end of the year, making all native Kusama assets easily accessible on, and interchangeable with Polkadot beyond that point.

The Manta Network will compete for a coveted auction position when Polkadot opens its own auctions next month specifically from November 11 to December 9, after having previously secured a place on Kusama’s auction platform.

Privacy is seen as a significant problem for DeFi protocols, and a number of initiatives have arisen in the past year that are trying to solve this issue. Among the top projects are Manta Network itself, whose founding team comprises crypto veterans and academics from Harvard and MIT, as well as other fintech firms.

Read More:

Polkadot May Launch ‘Parachain’ Rollout Next Month. Here’s What You Need To Know About Parachain & Why It’s Important

Cross-Chain Collaterals To Be Realized By Long-Term Partnership With Cardano-Powered DeFi

Samsung Shows Support For Blockchain-Based Gaming Through Axie Infinity Investment Round

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