The world’s leading cryptocurrency exchange Binance‘of (BNB) Binance Labs, the venture capital arm and incubator, has signed another investment partnership.
Binance Labs at Substrate zero-knowledge proofs* focusing on systems development with Manta NetworkContributed to the last private funding round for .
Binance Labs contributes financing to Manta Network
According to an official announcement shared by Binance Labs representatives, the company has signed an investment agreement with Manta Network.
“Privacy is always key. Welcome to the Binance Labs family, Manta Network, the Web3 privacy protocol designed to customize crypto assets!”
Privacy is always the key🗝️ Welcome @MantaNetworkthe Web3 privacy designed protocol to privatize crypto assets, to Binance Labs family!https://t.co/VSEmx2Rwrs
— Binance Labs Fund (@BinanceLabs) February 15, 2022
Binance Labs is investing in the next stages of Manta Network’s development. As a result, the incubator has received funding for one of the most technically advanced privacy-focused products compatible with the Polkadot-based network.
Manta Network leverages zero-knowledge proofs to bring an additional layer of privacy to transactions between Polkadot-based parachains.
Binance Labs investment director Nicole Zhang believes all privacy-centric use cases are among the most critical blockchain technology applications:
“Privacy is a must to enable Web3 scalability and increasing use cases. We find that Manta brings a unique and valuable approach to solving this problem. We look forward to working with a project that brings scalable privacy to the blockchain space.”
MariPay solution will be released soon
Kenny Li, co-founder of Manta Network, said that his solution; emphasizes that it will increase the privacy of different blockchains and decentralized applications running on different networks:
“Manta Network’s mission in the Web3 privacy space is to bring privacy as a utility to all crypto assets. We are excited to bring Binance Labs as a strategic investor and look forward to working with them to extend the privacy benefit of Manta Network to other networks and decentralized applications.”
Previously, Manta Network had acquired a Kusama (KSM) parachain slot for its “canary network” Calamari. Manta has also launched the Dolphin testnet.
Manta Network will launch its MariPay solution in 2022, which will hide transactions for Kusama’s KSM and Calamari’s KMA assets.
Zero knowledge proof: In cryptography, a ‘zero knowledge proof’ or ‘zero knowledge protocol’ is a method by which one party can prove to the other party that a particular statement is true, but the prover avoids transmitting any additional information other than the fact that the statement is indeed true.