Automata Network Raises $2.4M in Venture Funding Ahead of Binance Listing – InvestingCube

Automata Network is introducing its native token to the extensive user base on the Binance platform through the Binance Launchpool. Automata’s ATA token will be listed on June 7, but the token farming has already started on June 2. Token hodlers are now able to stake BNB, BUSD or DOT to earn new token rewards in the form of ATA.

— Automata Network (@AutomataNetwork) June 3, 2021

Binance Launchpool is a platform created by the world’s most influential crypto exchange to bring the decentralized finance experience to global users.

Automata Network provides middleware-like traceless privacy services for dApps across multiple blockchains to achieve privacy, high assurance and frictionless computation. Its protocol offers multiple utility cases such as anonymous voting and miner extractable value (MEV) minimization. It achieves that by leveraging the latest cryptography and privacy-protecting algorithms, along with trusted execution environments (TEE).

“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. 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.”

Said Deli Gong, Co-Founder at Automata Network.

Automata Network raised $3.2M in total funding 

Many Ethereum-based projects have been scrambling for scaling solutions as its original blockchain is suffering under increasingly high transaction fees. This isn’t a new deadlock as scaling limitations have always existed for crypto networks. So far, the popular solution was to move onto another blockchain that supports ERC-20 styled digital assets.

With the release of this feature, ATA holders will be able to leverage their tokens to participate in DeFi applications on the Binance network. At the same time, they tap into Binance’s ever-growing ecosystem that allows for cheap transactions and high scalability. 

Meanwhile, Automata Network’s newest funding round featured existing and new investors. The new capital injection was jointly led by a roster of investors including KR1, Jump Trading and IOSG Ventures.

The announcement quickly follows Automata Network’s financing round earlier in March, when the blockchain startup secured $1 million in angel, seed, and private investment.

“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.”

Keld van Schreven, Managing Director and Co-Founder of KR1.

“It is quickly becoming clear how important privacy is for every decentralized application building on the Web3 stack, and there is no doubt in our mind that Automata is emerging as a market leader in the space. With each use case that the team has rolled out in succession, we’ve been immediately impressed with both the eloquence and simplicity of their solutions. We couldn’t be more excited to partner the team in this journey.”

Commenting on the company’s traction, Jocy Lin, Founding partner at IOSG Ventures.