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Polkadot-based privacy project Manta Network $5.5M . collects

Manta Network, a privacy layer project for the Polkadot ecosystem, has completed a new funding round to pursue decentralized finance (DeFi) use cases by enhancing blockchain privacy.

Announced on Tuesday, Manta Network’s latest $5.5 million funding round includes participation from over 30 venture funds, including crypto hedge fund CoinFund and alternative investment firm ParaFi Capital.

Other investors include Web3. Investment funds LongHash Ventures, CMS Holdings, Divergence, Spartan Group, Global Coin Ventures, Skyvision Capital, Zee Prime and SNZ.

The funding also included some of the industry’s leading individual investors from major cryptocurrency companies such as Digital Currency Group, ConsenSys and Bitcoin.com. Per the announcement, angel investors included SushiSwap’s semi-anonymous core contributor 0xMaki, Dragonfly Capital’s Kevin Hu, ParaFi’s general partner Santiago Santos, and others.

Founded in 2020, Manta Network is focused on building a privacy-focused and interoperable blockchain protocol specifically aimed at DeFi applications, with the aim of making DeFi truly private. The protocol uses zk-SNARKs with Growth16 Proof, the same cryptographic technology implemented behind the privacy-oriented cryptocurrency Zcash (ZEC).

According to Austin Barack, CEO and founder of Coinfund, Manta is building on “one of the key fundamentals for privacy protection within DeFi.”

related: Polkadot Web3 Wallet Talisman Closes $2.35M Seed Funding Round

“Building on the substrate, which allows for a purpose-built layer of a network, Manta can build the ZKSnark privacy-preserving architecture directly into the base layer and solve many existing problems that users face today such as That the lack of privacy while front running and transferring or managing the portfolio,” he said.

Earlier this year, Manta Network completed a $1.1 million funding round led by Polychain Capital, joining major industry firms such as Alameda Research and DeFiance Capital.

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