Manta Network raises $25M and launches L2 Pacific in beta

P0x labsthe entity behind the modular blockchain ecosystem Manta Networkhas completed a series A from 25 million dollars at a valuation of 500 million dollars.

Like a number of crypto startups today, Manta Network betting on Zero Knowledge Proofs. The team behind the project launched in 2020, P0x labis developing a modular blockchain ecosystem designed to promote the adoption of blockchain products. ZKP.

Wednesday, P0x lab has announced that it has raised 25 million dollars in a financing round led by American VC Polychain Capital and Chinese investment firm Qiming Venture Partners.

La series Awhich also includes the participation of CoinFund, Alliance and SevenX Ventures, brings the start-up’s valuation to 500 million dollarsaccording to a press release.

Manta Network consists of two networks with Manta Atlantica blockchain L1 ZK launched earlier, and Manta Pacifica new L2 for ZK EVM applications.

Together, Manta Atlantic and Manta Pacific offer an unrivalled experience for the next generation of Web3 application development and adoption with the use of zero-knowledge cryptography,” claims P0x lab.

The capital raised will enable it to accelerate the development of Manta Atlantic and Manta Pacific.

The latter, whose testnet has just opened its doors, and is presented as the “first native EVM modular execution layer specially designed for adoption and use cases ZK “. In detail, this is a solution OP Stack Layer 2 platform built on top of Ethereum and using Celestia for data availability.

At Qiming Venture Partners, we see immense potential in technologies that improve privacy and security on the Web3 […] We believe that ZK could integrate a significant number of users thanks to numerous use cases,” said Yi Tang, Director of Qiming Venture Partners.

Zero-Knowledge Proofs are similar to a cryptographic method that can prove the validity of information without revealing the information itself.

To follow theCrypto news and Web3find RoyalsBlue.com on TwitterLinkedin, Facebook or Telegram