The Valuation of p0x Reaches $500 Million as Manta Network Raises $25 Million in Series A Round
The Manta Network developer, p0x labs, has successfully raised $25 million in a Series A funding round, with Polychain Capital and Qiming Venture Partners leading the investment. This achievement demonstrates the resilience of infrastructure projects in the crypto market during the bearish period. Manta Network is an ecosystem that focuses on zero-knowledge (ZK) applications, which use cryptographic methods to verify transactions without compromising privacy.
Key Points:
– Manta Network’s modular ecosystem provides a platform for ZK applications.
– Manta Atlantic, a ZK-focused layer 1 blockchain, was previously launched to offer programmable privacy.
– Manta Pacific, currently in testnet, serves as a layer 2 ecosystem to facilitate the deployment of Ethereum Virtual Machine-native ZK applications.
– The $25 million raised in this funding round values p0x at $500 million and will support the scaling of the network, user base, and use cases for Manta Pacific.
– Other investors in this round include Alliance, CoinFund, and SevenX Ventures.
This successful funding round reflects the growing interest in Web3 infrastructure investments, which have gained popularity since the FTX implosion. Institutional investors, according to a recent Binance survey, consider infrastructure projects to be the most important investment, closely followed by layer 1 and layer 2 projects.
Hot Take: Manta Network’s Funding Round Signals Confidence in Crypto Infrastructure
The successful funding round for p0x and Manta Network showcases the continued interest in crypto infrastructure projects, even during market downturns. With the valuation reaching $500 million, it is evident that investors see significant potential in Manta Network’s modular ecosystem for ZK applications. The expansion into the Ethereum ecosystem with Manta Pacific and the ability to leverage Universal Circuits for increased access to ZK technology further solidify the project’s position in the market. As institutional investors prioritize infrastructure investments, it is clear that the demand for innovative and secure solutions in the crypto space remains strong.
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