Binance Labs Makes Strategic Investment in Manta Network for Web3 Privacy
We are pleased to announce that Binance Labs, the venture capital and innovation incubator of Binance, made a strategic investment in Manta Network, the Web3 privacy protocol designed to privatize crypto assets.
Manta Network’s layer-one network design leverages zero-knowledge proofs to privatize crypto assets. Built with the Substrate framework, Manta’s privacy technology interoperates with other parachain assets within the Polkadot and Kusama ecosystem. It previously secured one of the first ten parachains on Kusama for its canary network, Calamari Network, after crowdloaning 218,000 KSM from the community. Manta recently released its Dolphin Testnet, which has conducted over 10,000 unique private transactions.
Alongside the strategic investment, Binance Labs will support the efforts of Manta Network as it continues to build out innovative products, services, and technologies that enable decentralized on-chain privacy. Manta Network’s Dolphin testnet features will be deployed on its Calamari Network first, in a service called MariPay. At launch, MariPay will be able to privatize various parachain assets on Kusama including KSM and Calamari’s native asset, KMA. Manta Network is currently working with various parachains to achieve interoperability for privatization of their projects’ assets as well.
Nicole Zhang, Investment Director at Binance Labs, said “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.”
Kenny Li, co-founder of Manta Network, states, “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.”