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On Monday, the Web3 blockchain interoperability platform Analog announced the team has raised $16 million in a funding round from a wide array of venture capitalists and firms including Balaji Srinivasan, Tribe Capital, and Wintermute. Furthermore, Analog has launched its Launch Partners Program to bolster the presence and market dominance of cross-chain initiatives.
$16 Million Funding Round Fuels Analog’s Vision for Cross-Chain Blockchain Innovation
The Web3 blockchain interoperability protocol, Analog, announced securing $16 million in investments from a consortium of backers. The roster of investors boasts names like Tribe Capital, Near, Outliers Fund, Black Label Media, Orange DAO, Mike Novogratz’s Samara Asset Group, Balaji Srinivasan, executives from OMG Network, Benqi Finance, Quantstamp, Mask Network, Wintermute, Presto Labs, GSR, NGC Ventures, Gmjp Web3 Fund, Ocular Fund, Global Coin Research, and Alumni Ventures.
At its core, Analog is a Web3 platform focused on enhancing cross-chain interoperability. It provides a set of omni-chain interoperability protocols designed to streamline access to Web3 data and facilitate seamless cross-chain interactions. Anchored by its Timechain, the platform functions as an open network supported by a changing cadre of validators, employing the nominated proof-of-stake (NPoS) consensus mechanism alongside the proof-of-time (PoT) protocol.
“This substantial 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,” Victor Young, the founder of Analog said in a statement sent to Bitcoin.com News. “We are grateful for those in our corner and excited about the shared opportunities that lie ahead as we continue to break new ground in the blockchain landscape.”
Beyond its strategic funding, Analog has launched its Launch Partners Program to enhance the prominence and market share of cross-chain initiatives, illustrating the benefits for diverse blockchain sectors, with partnerships including Meson Network, Dmail, Mask Network, Stationx, and Belong. Analog further noted on Monday that the project is gearing up for its Testnet launch of “The Watch and General Message Passing Protocol,” with a public incentivized Testnet set for Q1 2024.
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