Manta Network developer raised $25 million in Series A. It also launched tier 2 for ZK apps. The altcoin project will use the funds to expand the network, attract more users. It will also use it to explore various use cases for Manta Pacific.
The altcoin project has announced that it has raised $25 million!
cryptocoin.com As we reported, the cryptographic development team behind Manta Network has announced that it has raised $25 million in its Series A funding round. The fund was spearheaded by P0x Labs, Polychain Capital, and Qiming Venture Partners. This fund added $500 million in value to the company. The company made a statement on the subject. Accordingly, Manta Network also introduced the test-net of Manta Pacific, a layer-2 infrastructure within its ecosystem for zero-knowledge (ZK) applications. The funds collected will be used to expand the network, attract more users. It will also explore various use cases for Manta Pacific.
The CEO of the altcoin project made a statement
Kenny Li, CEO of Manta Network, made statements regarding the development. Li emphasized that the main purpose of Manta Pacific is to ensure that applications are user-friendly. In this regard, he stated that features and applications will be developed. ZK continues to attract attention as a valuable offer. Despite this, Li noted that it primarily serves as a feature set that facilitates various use cases for apps. However, it comes as a challenge if developers specializing in decentralized application development either lack expertise in cryptography or prefer to avoid a steep learning curve.
According to Kenny Li, implementing ToM applications for patient data is an ultimate goal, which includes achieving sovereignty and ownership of one’s own medical information. But Li said that goal is still years away due to the challenges associated with accessing and combining fragmented data from hospitals that are not motivated to manage or adopt Blockchain technology effectively.
According to Li, Manta Network has identified a use case in finance, where users are given staked tokens based on their presence on platforms like Binance. Li noted that privacy concerns arise when users are reluctant to verify their identities due to their entire wallet being exposed. Li stated that to solve this problem, a layer of privacy was introduced through ZK-enhanced staked tokens, similar to the token linked to the Binance account, resulting in approximately 58,000 verified user mints. This puts user privacy first. It also expands the use of staked tokens for identity purposes.
Manta Network expands its ecosystem
Manta Pacific’s test-net is zkHoldEm, an all-on-chain, custom Texas Hold’em game that users can start accessing right now; There are several ZK implementations, such as zkMe, a protocol for private and authenticated credentials, and zkPass, a privacy-preserving protocol for data verification.
The developers launched Manta Atlantic’s flagship NFT special offering platform in April 2023. Since then, more than 300,000 zk-soulbond tokens have been minted among key ecosystem partners, including Arbitrum, Galxe, Linea, and CyberConnect.
