Supra, a blockchain company, has secured investments from several prominent venture capital firms, including Animoca, Coinbase Ventures, HashKey, Prosus Ventures, and Razer. The company is developing a cross-chain oracle and communication network called the “bridgeless” network. Their goal is to achieve sub-2 second finality with security guarantees that are over 10 times more secure than current bridges. Supra’s technology aims to facilitate the migration of Web2 to Web3 by improving oracles, cross-chain communication protocols, and consensus mechanisms.
The company has already updated over 1.5 million cryptocurrency data pairs daily using their oracle technology. They have also received $24 million in private investment funding from strategic partnerships. Supra’s team of PhDs, led by Dr. Aniket Kate, has made significant contributions to secure multi-party computation, decentralized consensus, and blockchain oracles.
Supra has gained support from major digital asset funds and organizations, as well as over 500 other funds and investors who will help distribute the token supply. The company has also announced a gamified learn-to-earn airdrop opportunity for community members to further distribute their token.
Joshua Tobkin, CEO and Co-Founder of Supra, expressed excitement about bringing their high-performance oracle service to the market. He emphasized the importance of securing oracles and bridges to protect decentralized finance (DeFi) and ensure the full potential of blockchain is realized.
Prominent figures in the industry have praised Supra’s work. Yat Siu of Animoca Brands highlighted the importance of oracles in bridging data portability across networks. Alex Ye of Republic Advisory commended Supra for solving the oracle problem and unlocking cross-chain liquidity and web3 applications. Other supporters include Hashed and Sound Ventures.
Supra plans to launch its Token Generation Event in early 2024 and expects to have over 500,000 KYC’d token holders. The company aims to revolutionize the oracle space and enhance the security and speed of blockchain transactions.
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