Summary:
P0x Labs, the team behind Manta Network, a privacy-preserving protocol on the Polkadot blockchain, has achieved a $500 million valuation after securing $25 million in a Series A funding round. The funding was led by Polychain Capital, a crypto-focused investment firm.
Key Points:
Here are the key points from the article:
– P0x Labs, the team behind Manta Network, has raised $25 million in a Series A funding round.
– The funding round was led by Polychain Capital, a prominent crypto-focused investment firm.
– Manta Network is a privacy-preserving protocol built on the Polkadot blockchain.
– The protocol aims to provide users with enhanced privacy and security when using decentralized applications.
– Despite the ongoing crypto winter, some web3 companies are still able to secure significant valuations.
– P0x Labs’ $500 million valuation is a testament to the potential of privacy-focused protocols in the blockchain space.
Hot Take:
Even in the midst of the crypto winter, P0x Labs and its privacy-preserving protocol, Manta Network, have managed to secure an impressive $500 million valuation. This demonstrates the continued interest and potential in privacy-focused solutions within the blockchain industry. With the backing of Polychain Capital, P0x Labs is well-positioned to further develop and expand its protocol, offering users enhanced privacy and security in the world of decentralized applications.
Conclusion:
P0x Labs’ successful Series A funding round and $500 million valuation highlight the demand for privacy-preserving protocols in the blockchain space. As the team behind Manta Network continues to innovate and develop their protocol, users can look forward to enhanced privacy and security when using decentralized applications on the Polkadot blockchain. With the support of investors like Polychain Capital, P0x Labs is poised for further growth and success in the evolving web3 landscape.
Original article: https://techcrunch.com/2023/07/19/team-behind-crypto-privacy-protocol-manta-network-is-now-valued-at-500m/
