Thursday, April 18, 2024

Web3 Platform Analog Raises $16M in Funding to Foster Cross-Chain Communication


Analog has taken its valuation to $120 million with its recent funding activity backed by remarkable participants. 

A Web3 platform, Analog has raised as much as $16 million in the recent Fundraising round. The round was extensively backed by the significant Web3 and crypto projects that carried more emphasis. The funds were typically raised to heighten its cross-chain communication tools for developers. 

Web3 projects get in on the act!

The firm has witnessed substantial support from the predominant investors, such as Orange DAO, Near, Benqi Finance, Wintermute and Quantstamp, alongside venture capital firms such as Tribe Capital, Alumni Ventures, NGC Ventures and individual Investors, including former Coinbase executive Balaji Srinivasan and Mike Novogratz’s family office, Samara Asset Group.

Valuation spiked up with the rise in the capital!

With the newest added-up capital, the firm’s overall valuation was raised to $120 million, which is indeed a milestone for an emerging Web3 company. The firm has seamlessly chalked out its optimum utilization of the funds to foster the growth of cross-chain communication notably. 

Ahead of the curve

And here is what the founder of Analog, Victor Young, has told the media, “For instance, a cross-chain DEX [decentralised exchange] aggregator will need to pull data for each specified pair across different DEXs on various chains to provide users with the best routes and accurate price discovery mechanism.” 

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Elena R

Elena is an expert in technical analysis and risk management in cryptocurrency market. She has 10+year experience in writing – accordingly she is avid journalists with a passion towards researching new insights coming into crypto erena.

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