Team behind crypto privacy protocol Manta Network is now valued at $500M | TechCrunch

News Summary

  • Its ecosystem projects ReadOn, Dmail and AsMatch, which altogether have over 1.5 million users, have integrated zkSBT (zero-knowledge soulbound token) functionality for private user identity and other privacy features.To be sure, these user numbers are very modest compared to any known web2 application.
  • As they cannot be transferred, soulbound tokens are becoming more popular as a way to manage unique digital assets such as identity verification and property ownership.In addition, the network’s native wallet, Manta Wallet, has amassed over 200,000 installs.
  • Layer 2, in crypto lingo, comprises solutions designed to increase a blockchain’s transaction processing capability by moving some computational load off the main network.
  • This is an area that offers immense growth potential.”Proceeds from P0x Labs’ new round will go toward scaling the testnet of Manta Pacific, Manta’s Layer 2 for ZK applications.
  • ZKP is becoming an essential tool to build these properties into blockchain protocols.
  • But VCs betting on blockchain technologies remain bullish.
Even amid the crypto winter, some web3 companies are racking up hefty valuations. P0x Labs, the team behind Manta Network, a privacypreserving protocol running on the Polkadot blockchain, announced [+3389 chars]