Binance Labs, a venture arm and incubator of global crypto exchange leader Binance (BNB), signs another investment partnership
Binance Labs backed the latest private funding round for Manta Network that addresses building systems with zero-knowledge proofs on Substrate.
Manta Network Raises Funding from Binance Labs: Details
According to the official announcement shared by Binance Labs representatives, it has entered into 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 leverages zero-knowledge proofs to bring an extra 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 solving this problem. We look forward to working with the project to bring 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 are thrilled to bring on Binance Labs as a strategic investor, and look forward to working with them to expand 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 launch the MariPay solution which will obfuscate transactions for Kusama’s KSM and Calamari’s KMA assets.
