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Sunday, July 25, 2021

Manta Network Aims $1.1 Million To DEX Led By Polychain

Polychain is leading a seed round investment of $1.1 million in the privacy-oriented decentralized exchange of Manta Network.

The start-up company has recently released a notice on 2nd February, Tuesday that they have already closed the seed round along with the other investors that include Three Arrows Capital, Hypersphere Ventures, Defiance capital, Alameda Research, and Multicoin Capital, to name a few of them.

Polkadot Launch By Manta

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Manta Network had first started in the year 2020 and is presently intending to introduce the Polkadot para chain along with the plans to begin their test network after some time but within this quarter.

Manta also expects to participate in the para chain of Polkadot auctions in order to launch the mainnet during the 3rd quarter of 2020. Nonetheless, it could not happen due to the coronavirus pandemic. It is now planning a privacy-oriented decentralized exchange as their very first product under the term MantaSwap after applying the technology of zkSNARK.

Shumo Chu is the CEO of Manta along with being the assistant professor of the computer science of UC Santa Barbara. He has recently informed The Block that there are several user experience abrasions during the implementation of privacy-preserving DEX which they are trying to resolve with a combined method of modern as well as scalable implementations of zk-SNARKs and the leveraging Polkadot.

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Ben Perszyk is the partner of Polychain. He has also stated that the most unique approach is to build the Polkadot para chain in order to enable them to provide the users with a ‘plug and play’ privacy that can have various use projects and cases. This will begin with their very own privacy-preserving DEX.

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