Analog Raises $16 Million in Funding for Blockchain Interoperability Project
Analog, a blockchain interoperability project, has successfully raised $16 million in a seed and strategic funding round. Tribe Capital led the round, with participation from NGC Ventures, Wintermute, GSR, NEAR, Orange DAO, Mike Novogratz’s Samara Asset Group, Balaji Srinivasan, and others. The funding was conducted through a simple agreement for future tokens (SAFT), bringing Analog’s fully diluted valuation to $120 million. Analog was founded in 2021 by Victor Young and Sanchal Ranjan. The core team is based in Bangkok and Zurich.
Analog’s Cross-Chain Communication Tools
Analog is focused on building cross-chain communication tools that enable interoperability across multiple blockchain networks. Its key products include Timechain, a Rust language-based blockchain network; a generic message-passing protocol; Analog Watch, a developer-facing product; and Timegraph SDK and API suite that allows developers to compose applications across multiple chains. While Analog can be compared to Axelar or LayerZero, it differentiates itself by being more developer-focused and providing all the necessary features for cross-chain development in a single toolkit.
Analog is built on Substrate, which makes it easier to upgrade the platform compared to its competitors if new proving mechanisms are introduced.
Upcoming Testnet and Mainnet Launch
Analog plans to release its public “incentivized” testnet at the end of the first quarter or early second quarter. The mainnet launch is scheduled for the late second quarter. With the newly raised capital, Analog aims to expand its team by hiring professionals in engineering and business development.
Theon Barrett shines as a distinguished crypto analyst, accomplished researcher, and skilled editor, making significant strides in the field of cryptocurrency. With an astute analytical approach, Theon brings clarity to intricate crypto landscapes, offering insights that resonate with a broad audience. His research prowess goes hand in hand with his editorial finesse, allowing him to distill complex information into accessible formats.