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Analog Successfully Procured $16 million in Funding for the Cross-chain Communication Tool Development

Analog, a Web3 platform specializing in cross-chain communication tools for developers, has successfully raised $16 million in funding, bringing its valuation to $120 million on a fully diluted basis. The funding round was supported by a range of crypto projects and Web3 funds, including Near, Wintermute, Orange DAO, Benqi Finance, and Quantstamp. Additionally, venture capital firms such as Tribe Capital, Alumni Ventures, and NGC Ventures participated, alongside notable individuals like former Coinbase executive Balaji Srinivasan and Mike Novogratz’s family office, Samara Asset Group.

Analog was established in 2021 by Victor Young and Sanchal Ranjan. While involved in developing algorithmic trading bots, Young identified a demand for cross-chain data triggers to facilitate smart contract execution. “Combined with the growing recognition of the necessity for cross-chain interoperability across various platforms, the concept of Analog emerged,” explained the founder to Cointelegraph.

The startup’s team brings experience from prior engagements with projects within the Polkadot ecosystem, such as Moonbeam and Enjin, as well as cross-chain ecosystems like Cosmos and Chainlink. At Analog, the team is focused on creating a developer-centric product enabling data querying from smart contracts across diverse blockchain networks.

“In essence, a cross-chain DEX aggregator will need to access data for each specified pair across different DEXs on various chains to offer users optimal routes and ensure accurate price discovery,” Young explained regarding how the solution simplifies the process of retrieving and analyzing on-chain data.

Analog is also rolling out a software development kit for general message passing, enabling communication and interoperability across blockchains for asset transfers, automated market makers, decentralized exchanges, and non-fungible tokens.

Cross-chain communication solutions are gaining traction as Web3 evolves into a multi-chained environment. Projects such as LayerZero and Axelar are actively developing solutions to facilitate communication between networks.

Analog distinguishes itself from the established competition by emphasizing comprehensive cross-chain development features integrated into a single toolkit, rather than depending on third-party solutions like oracles. “We prioritize developers and aim to demonstrate the extensive capabilities of our product across a variety of verticals,” explained Young.

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