The Mina blockchain (MINA) will be able to develop thanks to a brand new capital injection of 92 million dollars. Among the investors, we can note the presence of FTX Ventures, the investment fund created earlier this year by FTX. The funds will allow Mina to develop its zero-knowledge proof (ZKP) technology while focusing on Web 3.0 adoption.
Mina Ecosystem Receives New Funding
Mina Ecosystem, the consortium in charge of developing the Mina blockchain (MINA), has just raised $92 million in a MINA token sale designed to attract new investors.
It should be noted that the funding round was led by Three Arrows Capital, a group accustomed to investments in the blockchain sector, but also by FTX Ventures, the investment fund of the FTX platform. According to the press release, this is FTX Ventures’ most significant investment in a project based on zero-knowledge proof (ZKP) technology.
Also present are a number of other investors such as Alan Howard, Amber Group, Blockchain.com, Brevan Howard, Circle Ventures, Finality Capital Partners and Pantera.
The terms of the sale have not been made public, but it is known that the investors have shared the totality of the tokens planned for the fundraising.
Generally, to attract new investors, developers allow them to invest funds in exchange for a certain number of tokens at advantageous rates. This type of partnership allows the project to develop under optimal conditions while allowing investors to capitalize on their initial investment.
A development based on Web 3.0
Mina is a so-called layer 1 blockchain, which uses zero-knowledge proof technology, widely popularized by the use of ZK-rolls in the Ethereum blockchain (ETH).
Smarts contracts based on ZKP technology bring many benefits to their users, including the assurance of privacy. As far as they are concerned, Mina’s smarts contracts are called “zkApps”, for “zero-knowledge apps”.
As its blockchain is essentially based on this operation, this new capital injection will allow Mina to specialize even more in this technology by attracting new developers. In addition, the team behind the project wants to foster the adoption of Web 3.0 among its users by focusing primarily on their security.
“The Mina blockchain architecture allows the protocol to reach a new level of decentralization by allowing the general public to easily participate in the network. This combined with its native ability to ensure data privacy makes it a unique layer 1 with massive potential to shape the future of Web 3.0,”said Brian Lee, investment partner at FTX Ventures.