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Binance Labs, the venture capital and innovation incubator of the leading cryptocurrency exchange Binance, has made a strategic investment in Web3 privacy protocol Manta Network.

Already, this on-chain privacy solution has raised funding from the likes of Polychain, CoinFund, ParaFi, 0xMaki, among others, and is a grant fund recipient of Polkadot’s official Web3 Foundation.

“Privacy is a necessity to ensure the scalability and growing use cases of Web3. We see Manta bringing a unique and valuable approach to tackling this issue,” said Nicole Zhang, Investment Director at Binance Labs, noting the project’s proven track record of delivering on technological innovation with respect to privacy. 

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

On-chain privacy protocol, Manta Network’s layer-one design leverages zero-knowledge proofs to privatize crypto assets. It is also built with the Substrate framework, as such, it interoperates with other parachain assets within the Polkadot and Kusama ecosystem.

Most recently, the project entered the next chapter in its development and as a symbol of this evolution, introduced a new logo. With this, it is shifting the gears towards strategy and brand building.

With the technical goals delivered successfully and the mainnet deployment into view, the team is expanding to be a more outward-facing project with a focus on marketing. Pushing forward into this growth mindset needs more than just a product, according to the Manta Network team, that has them adding on more core contributors to design a strategic vision that includes showing the world how important Manta is for the future of Web3.

Amidst this shift, Binance Labs has invested in the project to support Manta’s effort to build out innovative products and services that enable decentralized on-chain privacy.

“Manta Network’s mission in the Web3 privacy space is to bring privacy as a utility to all crypto assets,” said Kenny Li, cofounder of Manta Network, adding that they are looking forward to working with Binance in “expanding Manta Network’s privacy utility to other networks and decentralized applications.”

Manta Network, which enables high-performance private DeFi transactions, previously secured a parachain on Kusama for its canary network, Calamari Network. It recently released its Dolphin Testnet, which has already conducted over 10,000 unique private transactions. 

Dolphin testnet features will be first deployed on Calamari Network in its service called MariPay, which will privatize parachain assets like KSM and KMA on Kusama at its launch.

Source: coingape.com

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