The Manta Network project, a privacy-level project for the Polkadot ecosystem, has completed a new round of funding to further expand the use of Decentralized Finance (DeFi) cases by increasing the privacy of the blockchain.

Announced Tuesday, Manta Networks’ latest $5.5 million funding round included more than 30 venture capital funds, including crypto hedge fund CoinFund and alternative investment firm ParaFi Capital.

Other investors include Web 3. Investment Fund LongHash Ventures, CMS Holdings, Divergence, Spartan Group, Global Coin Ventures, SkyVision Capital, Zee Prime and SNZ.

The funding has also attracted some notable private investors in the industry from major crypto companies such as Digital Currency Group, Consensys and Bitcoin.com. According to the announcement, among the business angels, the semi-anonymous primary shareholder of SushiSwap 0xMaki, Kevin Ho of Dragonfly Capital, General Partner of ParaFi Santiago Santos and others.

Manta Network was founded in 2020 and focuses on creating a privacy-focused and interoperable blockchain protocol specifically for DeFi applications, with the goal of making DeFi truly private. It uses the zk-SNARK protocol with the Groth16 certificate, the same encryption technology implemented behind the privacy-focused cryptocurrency Zcash (ZEC).

According to CoinFund CEO and Founder Austin Barrack, Manta creates “one of DeFi’s core privacy priorities.”

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By building on Substrate, which enables first-class custom networks, Manta can build ZKSnark’s privacy protection architecture right into the baseline and address many of the current issues users face today, such as launch and lack of privacy when transferring or managing a wallet. ” He said.

Earlier this year, Manta Network completed a $1.1 million funding round led by Polychain Capital, which was joined by large industrial firms such as Alameda Research and DeFiance Capital.

Source: CoinTelegraph

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