Manta Network developer p0x labs raises $25 million, launches Layer 2 for ZK apps

Manta Network developer p0x labs has raised $25 million in a Series A funding round at a valuation of $500 million.

p0x labs has secured $25 million in Series A funding led by Polychain Capital and Qiming Venture Partners, bringing its valuation to $500 million.

The funding will be allocated to expand Manta Pacific and Manta Atlantic, its ZK Layer 1 blockchain for compliant on-chain privacy, the team announced. The team added that Manta Pacific utilizes Celestia’s data availability layer for enhanced security and reduced fees. Additionally, it uses a modified version of Optimism’s OP Stack by Caldera for scalability.

“We have seen for the first time the real potential for ZK to onboard substantial user numbers through applied use cases,” Yi Tang, Principal at Qiming Venture Partners said. “We are looking forward to extending that adoption into web2 as well, and helping Manta Network to enter into the Asia market.”

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