The group raised $16 million in a funding round from a variety of venture capitalists and organizations, including Balaji Srinivasan, Tribe Capital, and Wintermute, according to a statement released on Monday by the Web3 blockchain interoperability platform Analog. In addition, Analog has started its Launch Partners Program to support cross-chain activities and increase their market domination.
$16 million fundraising round supports Analog’s goal of advancing blockchain innovation across chains
Analog, a Web3 blockchain interoperability standard, stated that a group of backers had contributed $16 million. Presto Labs, GSR, NGC Ventures, Gmjp Web3 Fund, Ocular Fund, Global Coin Research, Balaji Srinivasan, Black Label Media, Orange DAO, Near, Outliers Fund, OMG Network, and executives from OMG Finance, Benqi Finance, Quantstamp, Mask Network, Wintermute, and Mike Novogratz’s Samara Asset Group are among the investors on the roster.
Analog’s primary function as a Web3 platform is to improve cross-chain interoperability. In order to simplify access to Web3 data and promote smooth cross-chain interactions, it offers a set of omni-chain interoperability standards. Based on its Timechain, the network operates as a public network with a rotating group of validators, using both the proof-of-time (PoT) protocol and the nominated proof-of-stake (NPoS) consensus process.
Victor Young, the founder of Analog, stated in a statement sent to Bitcoin.com News, “This significant investment will fuel our ongoing efforts to develop cutting-edge solutions that transcend current limitations, fostering a new era of innovation and collaboration in the decentralized space.” “As we continue to forge new ground in the blockchain landscape, we are appreciative of those who are in our corner and enthusiastic about the shared opportunities that lie ahead.”
Beyond its strategic funding, Analog has partnered with Meson Network, Dmail, Mask Network, Stationx, and Belong as part of its Launch Partners Program to increase the visibility and market share of cross-chain efforts and highlight the advantages for various blockchain sectors. The team is preparing for the Testnet launch of “The Watch and General Message Passing Protocol,” Analog said on Monday. A public incentive Testnet is scheduled to launch in Q1 2024.
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