P0x Labs, the team behind the Manta Network, a privacy-preserving protocol that runs on the Polkadot network, successfully completed a $25 million Series A funding round today. The company announced that their valuation reached $500 million after the Series A financing round.
At Qiming Venture Partners, we see tremendous potential in technologies that enhance privacy and security across Web3. We are excited to support Manta Network’s entry into Asian markets and leverage Qiming’s extensive resources to help maximise the untapped potential of ZK adoption. We believe that ZK will be able to attract a significant number of users through many practical use cases in new Asian markets.At Qiming Venture Partners, we see tremendous potential in technologies that enhance privacy and security across Web3. We are excited to support Manta Network’s entry into Asian markets and leverage Qiming’s extensive resources to help maximise the untapped potential of ZK adoption. We believe that ZK will be able to attract a significant number of users through many practical use cases in new Asian markets.Yi Tang, Manager of Qiming Venture Partners
Manta Network: Reached 500 Million Valuation!
Many important companies participated in Manta’s investment round. Leading investors participating in the round were crypto-focused Polychain Capital and web3 infrastructure platform InfStones with its imToken wallet. In addition, Qiming Venture Partners, a China-based venture capital firm valued in the web3 space, participated in the round to support the projects. Other backers included Alliance, CoinFund and SevenX Ventures. Binance Labs, the investment arm of Binance, participated from past investors. P0x Labs’ valuation of more than $500 million is backed by a technology called “zero-knowledge”, which is rapidly gaining popularity in the decentralised finance (DeFi) space and offers a solution to a key user pain point. This technology offers a significant advantage by ensuring user privacy while maintaining blockchain transparency.
ZK (Zero-Knowledge) technology is seen as a promising solution to address the scalability and privacy challenges facing the Ethereum blockchain. Increased investor and developer activity is fuelling support with confidence in the burgeoning industry. However, many existing initiatives isolate end users, leaving an unaddressed gap in the market. This is a situation that is driving blockchain activity. Manta Pacific’s test network currently has several ZK applications for users to start accessing. These include zkHoldEm, a fully on-chain and private Texas Hold’em game. There is zkMe, a protocol within private and authenticated credentials. Celer, a multi-chain, cross-layer asset bridge, is also included in the applications.
Manta Atlantic, the fastest ZK layer-1 for compliant on-chain privacy, was released in April 2023. Since then, the flagship NPO platform has remained popular, garnering a large and growing user base of included products. Key ecosystem partners include Arbitrum, Galxe, Linea and CyberConnect, with 300,000 zero-knowledge proof-of-stake tokens (zkSBTs) in projects such as Manta Atlantic. The network’s native wallet, Manta Wallet, has more than 200,000 downloads to attract users to the ecosystem. Ecosystem projects include those that enhance the user experience and integrate increased privacy features into the zkSBT functionality of the private user ID. In particular, there are projects such as ReadOn, Dmail and AsMatch, which have more than 1.5 million users.