Binance Labs announces investment in Manta Network

Binance Labs, the venture capital subsidiary of cryptocurrency exchange, Binance, has announced that it has invested in Manta Network. Manta is a platform offering privacy in handling digital assets on the web 3 ecosystem. It accomplishes this by employing a zero-knowledge proof mechanism. Furthermore, its privacy technology is interoperable with parachain assets operating on Polkadot and Kusama.

In addition to its role as a strategic investor on Manta Network, Binance Labs will also provide developmental support. Particularly, it will support product innovation and technologies that will help enhance on-chain privacy.

As part of its MariPay service, Manta Network’s Dolphin testnet capabilities will be made available on the Calamari Network first. KSM and Calamari’s native asset, KMA, will be among the parachain assets that MariPay will privatize when the platform goes live.

While commenting on the investment, Nicole Zhang, Investment Director at Binance Labs, stated that privacy was invaluable to the growth and scalability of web 3. Also, she added that Manta Network had proven its capabilities to tackle privacy issues uniquely and creatively.

We look forward to working with the project on bringing scalable privacy to the blockchain space.”

Nicole Zhang, Investment Director at Binance Labs

Kenny Li, the co-founder of Manta Network, added that the network was on a mission to offer privacy support as a utility in handling crypto assets. He added that Binance Labs was an important ally in Manta’s journey towards expanding its reach in the blockchain space. 

About Manta Network

Manta Network operates the Calamari network, which is its canary network on the Kusama ecosystem. Manta’s other notable investment was in the form of a crowd loan that earned the project a parachain slot on Kusama. Its Dolphin testnet has recorded over 10,000 unique private transactions.