China's Qiming joins round for blockchain privacy developer

Qiming and US-based Polychain Capital led the round. CoinFund, SevenX Ventures, and web3 accelerator Alliance DAO also participated. It brings P0x’s valuation to USD 500m.

Manta Network was set up in 2019 during a cross-border payment research project conducted by a digital currency group within Massachusetts Institute of Technology and the Monetary Authority of Singapore. It has since received investment from several web3 investment funds, including Binance Labs, according to a press release.

Manta uses zero knowledge (ZK) proof, a cryptographic privacy protocol, to address privacy and security challenges in decentralized finance and non-fungible token (NFT) applications – which often involve the exchange of sensitive financial and personal information on a blockchain. It allows transactions to be verified without revealing the underlying data.

The company said it offers the fastest ZK product for compliant on-chain privacy. It claims to have minted more than 300,000 tokens with enhanced privacy and security features since the product's launch last April.

The offering also includes a wallet that has tracked more than 200,000 installs and reached 100,000 users. Manta Wallet caters to a collective user base of over 1.5 million.

Manta is currently expanding into the Ethereum blockchain. It will use the Series A proceeds mainly to scale the network, user base, and use-cases, while supporting an expansion in various Asia markets.

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• Topics
• Southeast Asia
• Technology
• Financials
• Monetary Authority of Singapore (MAS)
• Singapore
• Fintech
• Qiming Venture Partners