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Binance Labs Fuels Strategic Funding Round for Substrate-based Manta Network: Details

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Tue, 02/15/2022 - 15:47
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Vladislav Sopov
Binance Labs, a VC arm and incubator of world-leading crypto exchange Binance (BNB), scores another investing partnership
Binance Labs Fuels Strategic Funding Round for Substrate-based Manta Network: Details
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Binance Labs backed the latest private funding round for Manta Network that addresses building systems with zero-knowledge proofs on Substrate.

Manta Network raises funds from Binance Labs: Details

According to the official announcement shared by the representatives of Binance Labs, it scored an investment agreement with Manta Network.

Binance Labs invests in the next phases of Manta Network's development. As such, the incubator supported one of the most technically advanced privacy-focused products compatible with the Polkadot-based network.

Manta Network harnesses zero-knowledge proofs to bring additional layer of privacy to transactions between Polkadot-based parachains.

Nicole Zhang, investment director at Binance Labs, is certain that all privacy-centric use cases are among the most crucial implementations of blockchain technology:

Privacy is a necessity to ensure the scalability and growing use cases of Web3. We see Manta bringing a unique and valuable approach to tackling this issue. We look forward to working with the project on bringing scalable  privacy to the blockchain space.

MariPay solution to be launched soon

Kenny Li, co-founder of Manta Network, stresses that his solution will advance the privacy of different networks and decentralized applications on various blockchains:

Manta Network’s mission in the Web3 privacy space is to bring privacy as a utility to all crypto assets. We're excited to bring on Binance Labs as a strategic investor, and look forward to working with them in expanding Manta Network’s privacy utility to other networks and decentralized applications.

Previously, Manta Network scored a Kusama (KSM) parachain slot for its "canary network," Calamari. Manta also deployed its testnet, dubbed Dolphin.

In 2022, Manta Network will release the MariPay solution that is going to obfuscate transactions for Kusama's KSM and Calamari's KMA assets.

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About the author

Blockchain Analyst & Writer with scientific background. 6+ years in IT-analytics, 3+ years in blockchain.

Worked in independent analysis as well as in start-ups (Swap.online, Monoreto, Attic Lab etc.)