{"id":10647,"date":"2024-02-13T10:39:38","date_gmt":"2024-02-13T08:39:38","guid":{"rendered":"https:\/\/forklog.com\/en\/cross-chain-project-analog-secures-16-million-at-120-million-valuation\/"},"modified":"2024-02-13T10:39:38","modified_gmt":"2024-02-13T08:39:38","slug":"cross-chain-project-analog-secures-16-million-at-120-million-valuation","status":"publish","type":"post","link":"https:\/\/forklog.com\/en\/cross-chain-project-analog-secures-16-million-at-120-million-valuation\/","title":{"rendered":"Cross-Chain Project Analog Secures $16 Million at $120 Million Valuation"},"content":{"rendered":"<p>The cross-chain infrastructure project Analog has raised $16 million in seed funding, reports <a href=\"https:\/\/www.theblock.co\/post\/277171\/blockchain-interoperability-project-analog-token-funding-valuation\">The Block<\/a>.<\/p>\n<p><!--more--><\/p>\n<p>The round was led by Tribe Capital. Other investors include NGC Ventures, Wintermute, GSR, NEAR, Orange DAO, Samara Asset Group, and former Coinbase CTO Balaji Srinivasan.<\/p>\n<p>The funding utilized Simple Agreements for Future Tokens (SAFT). As a result of the round, the project&#8217;s valuation reached $120 million.<\/p>\n<p>Analog was founded in 2021 by investor and blockchain developer Victor Young and entrepreneur Sanchal Ranjan. The startup&#8217;s core team is based in Bangkok and Zurich.<\/p>\n<p>The project&#8217;s main developments include:<\/p>\n<ul class=\"wp-block-list\">\n<li>a Rust-based blockchain called Timechain;<\/li>\n<li>a general data transfer protocol;<\/li>\n<li>a developer-focused product, Analog Watch;<\/li>\n<li><span data-descr=\"a set of developer tools\" class=\"old_tooltip\">SDK<\/span> and <span data-descr=\"application programming interface\" class=\"old_tooltip\">API<\/span> Timegraph, enabling the integration of applications across multiple networks.<\/li>\n<\/ul>\n<p>According to Young, Analog is similar to solutions from Axelar and LayerZero but is &#8220;more developer-focused.&#8221;<\/p>\n<blockquote class=\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\"><p>\n<cite>\u201cWe are creating all the necessary functionality for cross-chain development as a single toolkit, rather than relying on third-party services like oracles to achieve our goals,\u201d the investor noted.<\/cite><\/p><\/blockquote>\n<p>Analog is based on the Substrate framework, created by Parity Technologies. Young expressed confidence that upgrading the platform will be easier than for competitors.<\/p>\n<p>The testnet launch is expected at the end of the first or the beginning of the second quarter. The mainnet deployment is planned shortly thereafter. <\/p>\n<p>In November, the cross-chain protocol Wormhole raised $225 million at a $2.5 billion valuation.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The cross-chain infrastructure project Analog has raised $16 million in seed funding, reports The Block.<\/p>\n","protected":false},"author":1,"featured_media":10646,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"select":"","news_style_id":"","cryptorium_level":"","_short_excerpt_text":"","creation_source":"","_metatest_mainpost_news_update":false,"footnotes":""},"categories":[3],"tags":[1210,1133],"class_list":["post-10647","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news-and-analysis","tag-cross-chain-protocols","tag-venture-investments"],"aioseo_notices":[],"amp_enabled":true,"views":"22","promo_type":"","layout_type":"","short_excerpt":"","is_update":"","_links":{"self":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts\/10647","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/comments?post=10647"}],"version-history":[{"count":0,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts\/10647\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/media\/10646"}],"wp:attachment":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/media?parent=10647"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/categories?post=10647"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/tags?post=10647"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}