Manta Network developer raises $25M in Series A, launches layer 2 for ZK apps

cointelegraph.com:

P0x Labs, the cryptographic development team behind Manta Network, has announced that it raised $25 million in a Series A funding round, with leading contributions from Polychain Capital and Qiming Venture Partners. The funding gives the company a $500 million valuation.

Additionally, Manta Network has introduced the testnet of its layer-2 infrastructure, Manta Pacific, within its ecosystem for zero-knowledge (ZK) applications, according to a company statement. The raised funds will be utilized to expand the network, attract more users and explore diverse use cases for Manta Pacific.

In an interview with Cointelegraph, Manta Network CEO Kenny Li highlighted the primary goal of Manta Pacific, which is to streamline the development of features and applications, ensuring user-friendliness. Li said that while ZK has garnered attention as a valuable proposition, it primarily serves as a feature set that facilitates various use cases for applications.

However, the challenge arises from the fact that developers specializing in decentralized app development may lack expertise in cryptography or prefer to avoid a steep learning curve. In Li’s words:

According to Li, implementing ZK applications for patient data is an ultimate goal, which includes achieving self-sovereignty and ownership of one’s medical information. However, Li said this goal is still years away due to the challenges associated with accessing and aggregating fragmented data from hospitals, which are not motivated to manage it effectively or adopt blockchain technology.

Related: Healthy competition welcome — Polygon zk EVM lead

According to Li, Manta Network identified a use case in finance where staked tokens are issued to users based on their holdings on