The Times Australia
News From Asia

.

Manta Network Developer p0x labs Raises $25m Series A

Funds will be used to develop Manta Pacific L2 to enable a new class of Solidity dapps with ZK-enabled features.

HONG KONG SAR - Media OutReach - 20 July 2023 - P0x labs, the cryptographic development team building Manta Network, today announces its $25 million Series A, led by Polychain Capital and Qiming Venture Partners with additional backers including Alliance, CoinFund, and SevenX Ventures, bringing its valuation to $500 million.

In addition, Manta Network, the fastest zero-knowledge (ZK) layer 1 that supports modular on-chain privacy, today launches the testnet of its Layer 2 for ZK applications, Manta Pacific. The funds raised will be used to scale the project's network, user base, and use cases for Manta Pacific.

"Manta Network's Manta Atlantic ecosystem has already seen over 200,000 wallet downloads and 100,000 KYC'ed users. With the additional support from long-term and new investors, we are excited to push the bounders of ZK adoption even further with Manta Pacific. We're bringing ZK to Solidity developers, making it easier than ever to develop and deploy next-generation dapps that can truly scale and enable massive adoption." —Kenny Li, Core Contributor of Manta Network.

Manta Pacific is the first EVM-native modular execution layer specifically designed for ZK adoption and use cases. It leverages Manta's universal circuits and SDKs which have plug-and-play functionality, freeing up developers' time and resources to focus on their core products. The L2 also utilizes Celestia's data availability layer for security and low gas fees; and the modified OP Stack through Caldera for scalability.

"We are excited to see Manta expanding into the Ethereum ecosystem, and have doubled down on our investment this Series A round," said Luke Pearson, Investor at Polychain Capital. "Manta Pacific will leverage the performance capabilities of the modular ecosystem, whilst also allowing increasing access to ZK through Universal Circuits. We are excited to see ZK adoption grow, bringing throughput and privacy to the ecosystem."

ZK tech has been widely recognized as a promising solution for addressing the scalability and privacy challenges faced by the Ethereum blockchain. Increasing investor and developer activity also indicates the growing confidence and support for this emerging sector. However, many existing initiatives remain isolated from end users, who ultimately drive blockchain activity, thus leaving an unaddressed gap in the market.

"At Qiming Venture Partners, we see immense potential in technologies that are enhancing privacy and security across Web3. We are excited to support Manta Network's entry into the Asian markets, leveraging Qiming's extensive resources to help maximize the untapped potential of ZK adoption. We believe that ZK could onboard a substantial number of users through many applied use cases in the new Asia markets." — Yi Tang, Principal at Qiming Venture Partners.

Manta Pacific's testnet currently features various zk Apps for users to start accessing including zkHoldEm, a fully on-chain and private Texas Hold'em game; zkMe, a protocol for private and verified credentials; and zkPass, a privacy-preserving protocol for data verification.

Manta Atlantic, the fastest ZK layer-1 for compliant on-chain privacy, amassed a large and growing user base due to the popularity of its products, including its flagship NPO platform that launched earlier this year in April 2023, which has since minted over 300,000 zkSBTs across key ecosystem partners including Arbitrum, Galxe, Linea, and CyberConnect. The network's native wallet, Manta Wallet, has over 200,000 installs to bring users into its ecosystem. Ecosystem projects including ReadOn, Dmail and AsMatch, with a collective user base of over 1.5 million users, have already integrated zkSBT functionality for private user ID and additional privacy-enhanced functionalities in their applications to deliver a better user experience.

Hashtag: #MantaNetwork

The issuer is solely responsible for the content of this announcement.

About Manta Network

Manta Network is the multi-modular ecosystem for zero-knowledge (ZK) applications. Manta Atlantic, the fastest ZK L1 chain, brings programmable privacy to web3 through compliant on-chain privacy and identity. Manta Pacific, the unique L2 ecosystem for EVM-native ZK applications, provides a scalable and inexpensive gas-fee environment for ZK applications to deploy simply using Solidity. Together, Manta Atlantic and Manta Pacific deliver an unparalleled experience for the next generation of web3 application development and adoption with the applied usage of zero-knowledge cryptography.

Manta Network is created by a team of experienced founders from prestigious institutions, including Harvard, MIT, and Algorand. The team began its research on Zero Knowledge Proof in 2019 during a cross-border payment research project under the MIT Digital Currency Initiative with the Monetary Authority of Singapore. Manta Network has received investments from many of the top web3 investment funds, including Binance Labs and Polychain Capital. It has grown through participation in the best web3 accelerators, including Alliance DAO and Berkeley Blockchain Xcelerator. Manta Network is poised to bring the next generation of web3 users and usher in a new chapter of privacy-focused web3 applications.

About p0x labs

p0x labs is the space for building cutting-edge cryptographic technologies. p0x labs is a team of world-class contributors on a mission to enable privacy across web3. At p0x labs, we believe privacy is a fundamental human right and we work to build and deploy the tools to make it accessible to the world. Powered by zero-knowledge proofs, we lead innovation in the cryptography space.

Times Magazine

Headless CMS in Digital Twins and 3D Product Experiences

Image by freepik As the metaverse becomes more advanced and accessible, it's clear that multiple sectors will use digital twins and 3D product experiences to visualize, connect, and streamline efforts better. A digital twin is a virtual replica of ...

The Decline of Hyper-Casual: How Mid-Core Mobile Games Took Over in 2025

In recent years, the mobile gaming landscape has undergone a significant transformation, with mid-core mobile games emerging as the dominant force in app stores by 2025. This shift is underpinned by changing user habits and evolving monetization tr...

Understanding ITIL 4 and PRINCE2 Project Management Synergy

Key Highlights ITIL 4 focuses on IT service management, emphasising continual improvement and value creation through modern digital transformation approaches. PRINCE2 project management supports systematic planning and execution of projects wit...

What AI Adoption Means for the Future of Workplace Risk Management

Image by freepik As industrial operations become more complex and fast-paced, the risks faced by workers and employers alike continue to grow. Traditional safety models—reliant on manual oversight, reactive investigations, and standardised checklist...

From Beach Bops to Alpine Anthems: Your Sonos Survival Guide for a Long Weekend Escape

Alright, fellow adventurers and relaxation enthusiasts! So, you've packed your bags, charged your devices, and mentally prepared for that glorious King's Birthday long weekend. But hold on, are you really ready? Because a true long weekend warrior kn...

Effective Commercial Pest Control Solutions for a Safer Workplace

Keeping a workplace clean, safe, and free from pests is essential for maintaining productivity, protecting employee health, and upholding a company's reputation. Pests pose health risks, can cause structural damage, and can lead to serious legal an...

The Times Features

Exploring the Curriculum at a Modern Junior School in Melbourne

Key Highlights The curriculum at junior schools emphasises whole-person development, catering to children’s physical, emotional, and intellectual needs. It ensures early year...

Distressed by all the bad news? Here’s how to stay informed but still look after yourself

If you’re feeling like the news is particularly bad at the moment, you’re not alone. But many of us can’t look away – and don’t want to. Engaging with news can help us make ...

The Role of Your GP in Creating a Chronic Disease Management Plan That Works

Living with a long-term condition, whether that is diabetes, asthma, arthritis or heart disease, means making hundreds of small decisions every day. You plan your diet against m...

Troubleshooting Flickering Lights: A Comprehensive Guide for Homeowners

Image by rawpixel.com on Freepik Effectively addressing flickering lights in your home is more than just a matter of convenience; it's a pivotal aspect of both home safety and en...

My shins hurt after running. Could it be shin splints?

If you’ve started running for the first time, started again after a break, or your workout is more intense, you might have felt it. A dull, nagging ache down your shins after...

Metal Roof Replacement Cost Per Square Metre in 2025: A Comprehensive Guide for Australian Homeowners

In recent years, the trend of installing metal roofs has surged across Australia. With their reputation for being both robust and visually appealing, it's easy to understand thei...