Analog, a Web3 platform, secures $16M funding to enhance cross-chain communication.

Analog, a Web3 platform, has recently secured $16 million in funding, bringing its valuation to an impressive $120 million. This funding round saw significant participation from major players in the Web3 and crypto space, highlighting the growing interest in the project. The funds will be used to enhance Analog’s cross-chain communication tools for developers.

Notable investors in this round include Orange DAO, Near, Benqi Finance, Wintermute, and Quantstamp, as well as venture capital firms Tribe Capital, Alumni Ventures, and NGC Ventures. Individual investors such as former Coinbase executive Balaji Srinivasan and Mike Novogratz’s family office, Samara Asset Group, also contributed to the funding.

The increased capital infusion has led to a spike in Analog’s valuation, reaching $120 million. This milestone is a significant achievement for a rising Web3 company. The funds will be strategically utilized to support the growth of cross-chain communication, a key focus for Analog.

Victor Young, the founder of Analog, explained the importance of cross-chain communication in the context of a cross-chain decentralized exchange aggregator. He stated that such an aggregator would need to gather data from different DEXs on various chains to provide users with the best routes and accurate price discovery.

Overall, Analog’s recent funding activity has highlighted its potential in the Web3 space and its commitment to advancing cross-chain communication. With a valuation of $120 million, the company is positioning itself at the forefront of this emerging industry.