June 12, 2024
Ava Protocol, previously recognized as OAK Network, has successfully completed a seed funding round of $10 million, aiming to broaden crypto transactions and technological capabilities, as per an announcement shared with Investing.com on Tuesday.
Project | Latest Raise | Latest Raise Date | Stage | Total Raise | Category |
|---|---|---|---|---|---|
Ava Protocol | $10M | June 12, 2024 | Seed | $10M | DeFi |
The latest funding includes an initial round of $5.5 million, followed by a seed+ round of $4.5 million. Ava Protocol has gained the backing of prominent entities in the venture capital and cryptocurrency sectors. The seed+ round was financed by Electric Capital, Taisu Ventures, Bloccelerate VC, BingX Exchange, and Shima Capital. These investors are joined by earlier supporters like Polygon founder Sandeep Nailwal, Greylock, Foundation Capital, and GSR.
The new influx of capital will aid Ava Protocol in developing an intent-focused, event-driven Eigenlayer AVS to facilitate private autonomous transactions on Ethereum and beyond. The primary objective this summer is to launch their protocols as an EigenLayer AVS and a Polkadot parachain, along with the introduction of the AP token.
About Ava Protocol
Ava Protocol utilizes an innovative technical model that streamlines the transaction process and supports all blockchain networks by autonomously linking them across the chain. This is accomplished through a two-step operation: ‘trigger’ and ‘execution.’
The team is currently enhancing its testnet and increasing its capacity. At present, over ten thousand unique wallets are utilizing the Ava Protocol testnet, executing more than one thousand automated transactions daily.
Website: https: https://avaprotocol.org/
X Account: https://x.com/ava_protocol
X Followers today: 70,772
X Followers 30 days ago: 70,668
X Change: 104 (+0.15%)
About Investor
Investor:
Ava Protocol has garnered the backing of distinguished entities in the venture capital and cryptocurrency sectors. The seed+ funding round was specifically financed by Electric Capital, Taisu Ventures, Bloccelerate VC, BingX Exchange, and Shima Capital. These investors have joined forces with previous supporters, including Polygon founder Sandeep Nailwal, Greylock, Foundation Capital, and GSR.
A central focus of investor activity in the cryptocurrency space is the evaluation of new crypto projects to invest in, particularly those with huge potential. This blog provides insight into what new ventures are benefiting from venture capital support (VC funding in crypto). These new crypto projects, funded by professional investors, can dictate the next narrative in crypto and the next big crypto movers.
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