Analog, a blockchain interoperability protocol, has raised $5 million in new funding at a fully diluted valuation of $300 million as it prepares for its token launch on February 6.
The round drew investors, such as Foresight Ventures, Gate Ventures, BackerDAO, and Black Label Ventures. The venture arm of Black Label Media saw its very first crypto investment in the deal. Frax Finance founders Sam Kazemian, Molly Smith, and Black Label Media co-founders Thad and Trent Luckinbill, who also happen to be angel investors, supported the funding.
Highlighting Analog’s innovation, Thad Luckinbill stated,
“The proof-of-time mechanism is a paradigm shift that merges scalability with security, placing Analog at the forefront of decentralization.”
The round was started in November and closed this month. This takes Analog’s total funding to $21 million, 150% over its valuation at last year’s $120 million round.
What is Analog?
Analog allows for seamless interoperability between blockchains, allowing projects to share assets and information without the need for intermediaries. Its closest competitors include LayerZero Labs, Axelar, and Hyperlane, but Analog’s unique developer toolkit eliminates the need for external oracles, simplifying cross-chain app development while boosting security.
More than 50 projects, such as Rarible, Pixelport, and Dmail, are building on Analog’s protocol. The team is also developing a decentralized exchange, Zenswap, to enable cross-chain token swaps across platforms like Solana, TON, and Bitcoin.
Analog has 55 employees and is expanding. It is actively hiring, including a “chief of vibes” to enhance communications, collaborations, and community-building efforts. The launch of Analog’s mainnet last month sets the stage for its token debut, positioning it as a leading player in blockchain interoperability.
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