Analog, a Web3.0 platform, secured $16 million in funding to improve its cross-chain communication tools for developers. With the round, the startup’s valuation is expected to reach $120 million.
Sources revealed that the funding round was backed by a number of crypto projects and Web3.0 funds, such as Near, Wintermute, Orange DAO, Benqi Finance and Quantstamp, among others.The funding also included venture capital firms Tribe Capital, Alumni Ventures and NGC Ventures, along with former Coinbase executive Balaji Srinivasan and Mike Novogratz’s family office, Samara Asset Group.
“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,” Victor Young, founder, Analog, explained. This is believed to highlight how the solution can simplify pulling and analysing on-chain data, added Cointelegraph.
It is believed that solutions for cross-chain communications are growing as Web3.0 becomes multichained. Furthermore, projects working on cross-chain technology include LayerZero and Axelar, are developing solutions to facilitate communication between networks, concluded Cointelegraph.
(With insights from Cointelegraph)
