Manta Network taps Axelar’s interoperability to privatize crypto assets
Manta Network, a Web3.0 privacy protocol built for privatizing crypto assets, has partnered with Axelar Network, a recent unicorn focused on providing scaled cross-chain interoperability across all blockchain networks.
With Axelar’s universal cross-chain communication gateway, Manta Network will be able to privatize crypto assets from networks and dapps existing beyond the Polkadot ecosystem. Leveraging this access, users would be also able to bridge to transfer assets over from various networks such as Terra, Ethereum and other chains more seamlessly. As such, this partnership aims to build a place where users can interact with each other peer-to-peer without giving up ownership control, privacy, or relying on any third parties.
The new alliance comes as the demand for privacy is increasing amid the boom of the crypto industry, aiming to protect users’ assets. As the latest version of the internet that is developed for an open, trustless access, Manta Network intends to expand the adoption of its ZKP privacy technology to the entire Web3 ecosystem.
Axelar completes $35 million funding round
Founded by the team behind Algorand, Axelar connects users, assets and decentralized applications (dApps) across numerous blockchains to unlock crosschain composability and liquidity. Its recent partnerships follow an impressive $35 million capital raise conducted in February and saw big players like Crypto.com, Coinbase and Binance back the interoperability project. This Series B funding round pushed its market value above $1 billion.
Speaking on the announcement, Shumo Chu, co-founder of Manta Network, said: “Axelar’s decentralized bridge provides an excellent solution for us. They achieve decentralization, high performance, and security at the same time. Their bridge-hub design (instead of P2P bridge) can bridge Manta to a wide variety of chains. I have been working with Axelar founders during my time at Algorand. I have a lot of confidence in their engineering team’s execution, which is exceedingly important to bridge security.”
Sergey Gorbunov, CEO and co-founder of Axelar, added: “Allowing developers like Shumo and the Manta Network team to focus on their core functionality, and build on the blockchain that is best for their users’ needs, is what Axelar is all about. Manta Network has taken a leadership position in Web3 security and we look forward to seeing that value proposition extend across the chain.”