Decentralized service protocol Automata Network has completed a $2.4 million funding round led by notable investors and angels in the cryptocurrency space. The new capital injection was led by KR1, Jump Trading and IOSG Ventures.
Automata Network, which provides traceless privacy services for Dapps on Polkadot and Ethereum, plans to spend the funds expanding its infrastructure, growing its headcount, and scaling its operations.
This is the latest in a flurry of funding deals that Automata Network has arranged in recent months, as early backers doubled down on their investment in the startup. It comes just over two months after the blockchain firm completed its seed round of financing, raising $1 million from a host of macro investors.
“From the team’s technical progress to partnerships made one after the other with the industry’s leading and most active projects, it was apparent that Automata had both the vision and the ability to execute it right on the mark. Our support of Automata Network speaks to our commitment to the sustainable development of a privacy-focused Web3 economy, and we look forward to seeing more great work from the team,” said Keld van Schreven, Managing Director and Co-Founder of KR1.
Automata Network Debuts on Binance Launchpool
In another landmark move for the company, Automata has also announced its official launch on Binance Launchpool. This listing allows users to deposit their Binance Coin, Binance USD and Polkadot and reap the rewards in the form of ATA, the native utility token of the Automata Network.
Specifically, the token’s listing took place today, 7th June at 07:00 BST in the innovation zone. However, the farming for ATA Binance Launchpool has already started on June 2 and will continue for 30 days.
Binance often opens trading of the token on the 7th day of farming, at which point you can immediately trade any tokens you have earned. The available pairs are ATA/BTC, ATA/BNB, ATA/BUSD and ATA/USDT.
Automata is already trading on Binance against a few pairs and have seen a meteoric rise since launch, trading at around $1.65 to date.
For the curious, the amount of ATA tokens that users earn each day is proportional to the number of tokens they have subscribed vs the total number of tokens subscribed to the pool.
ATA token is the lifeblood of Automata Network’s ecosystem that makes it possible to participate in governance, while also rewarding miners and paying fees for using the protocol. The total supply of ATA is 1,000,000,000 and the circulating supply upon listing on Binance will be 17.23%.
Automata is a decentralised network built by industry veterans with team members having previously worked at Zilliqa, LongHash, and the National University of Singapore. Founded in 2019, its protocol allows users to add anonymity to dApps across multiple blockchains.
Automata Network’s off-chain voting governance solution, called ‘Witnes,’ enables anonymous voting. The firm is also developing an MEV minimization solution, Conveyor, which helps users avoid ‘front-running attacks’ where fraudsters add transactions to the queue based on insider knowledge of a future transaction that will affect its price.
“At the same time where privacy continues to be held in theoretical regard everywhere, it is also a dismaying fact that practical adoption on the ground continues to be slow, if not negligible,” said Deli Gong, Co-Founder at Automata Network. “We believe that making a break away from centralized infrastructure is only the beginning, and that offering developers and users an intuitive, seamless experience to make privacy a built-in option is the only way to move forward.”
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