Automata Network Raises $2.4 Million in Funding Round as ATA Token Sets for Binance Listing
Automata Network, a decentralized service protocol, has raised $2.4 million in a funding round led by KR1. Other investors that contributed to the funding round include IOSG Ventures and Jump Trading. The project had earlier on raised $1 million in a seed round that took place in March.
Automata’s value proposition pivots on building privacy-focused solutions for decentralized applications on Ethereum and Polkadot blockchains. The decentralized service protocol offers privacy middleware that can be used to build traceless privacy and enhance frictionless computation.
With such fundamentals in place, it comes as no surprise that the privacy-focused project is gaining traction amongst retail users and investors. Automata’s Co-Founder, Deli Gong, commented on the importance of privacy as the paradigm shifts from centralized networks to decentralized ecosystems.
“ 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.”
The privacy solutions by Automata seek to utilize oblivious RAM space in blockchain to support upcoming decentralized applications. Some of the embedded privacy functions include Witness, an off-chain governance tool solution, and Conveyor for Miner Extractable Value (MEV) minimization. Notably, the former is supported by several blockchain firms which include Clover Finance and Plasm.
Keld van Schreven, the Co-Founder and Managing Director of KR1, was also keen to note the progress made by Automata in building privacy solutions. He added that Automata’s potential to execute was among the top reasons that KR1 led the latest funding round,
“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.”
Binance Listing
Automata’s native token ATA is also scheduled to be listed on Binance on June 7 at around 06:00 AM UTC. The project had already launched a farming program on Binance Launchpool where stakers can earn ATA for staking BNB, BUSD or DOT. Currently, this protocol enjoys over $5 billion in total value locked (TVL). ATA’s scheduled listing on Binance means that token holders or stakers will now be able to exchange the native digital asset.