Manta Network developer p0x Labs raises US$25 million for Asia expansion

Manta Network developer p0x Labs raises US$25 million for Asia expansion

Time Stamp: July 19, 2023 11:00 AM
Source Node: 2176801

P0x Labs, the U.S.-headquartered developer behind layer-1 zero-knowledge (ZK) blockchain Manta Network, has secured a US$25 million Series A round for Manta Network’s expansion in Asia.

See related article: Solving the privacy issues of the financial system with Zero-Knowledge Proofs

Fast facts

  • “The funds raised will be used to scale the project’s network, user base and use cases for Manta Pacific, and will support the expansion in the key Asia markets,” said p0x Labs in the announcement.
  • The announcement came as Asian markets become increasingly appealing to the Web3 industry, with economies including Hong Kong, Japan, and South Korea all ramping up initiatives across digital assets and blockchain technologies.
  • The fundraising was led by U.S. investment firm Polychain Capital and Chinese venture capital firm Qiming Venture Partners with other backers like Alliance, CoinFund, and SevenX Ventures. This will bring p0x Labs’ valuation to US$500 million, according to the company.
  • Qiming Venture Partners manages 11 US-dollar funds and seven RMB funds with a total of US$9.4 billion in capital raised. Its portfolio firms include Chinese tech majors such as Xiaomi, Meituan and Bilibili. 
  • Manta Network also on Wednesday launched the testnet of Manta Pacific, an Ethereum-based layer-2 solution to provide toolkits for ZK application developers.
  • ZK technology is a cryptographic verification method that allows the verification of information without exposing the underlying data, which could give users more security and privacy. Polygon, the Ethereum layer 2 scaling network, launched the beta mainnet of its own Ethereum ZK solution in March.

See related article: Hong Kong? Singapore? Tokyo? Seoul? Dubai? The race is on for the Web3 hub of Asia | Part 1

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