Image source: Automata Network
- Automata Network announced, on the 1st of June, 2021, that it had raised $2.4 million in strategic funding, with investors like KR1, IOSG Ventures and Jump Trading taking part in the round.
- Automata also announced on the 1st of June that the Automata token would be officially launching on the Binance Launchpool.
Automata Network, founded in 2020, is a decentralized service protocol with an emphasis on privacy, high assurance, and seamless computation. It provides middleware-like traceless privacy services to decentralized applications (dApps), helping these applications maintain privacy while integrating seamlessly onto blockchains like Ethereum, Polkadot, and Binance Smart Chain. Automata’s service protocol uses oblivious RAM, a cryptographic scheme, to hide patterns of data access, with its privacy relayer offering functions like secure data sourcing and anonymous voting.
Since the company’s first seed raise in March, they have made tremendous strides in the industry, with their notable achievements including acceptance into the Berkeley Blockchain Xcelerator 2021 cohort, the launch of the governance tooling solution existing off-chain that has been adopted by blockchain companies like Plasm, Clover Finance and Crust (Witness), MEV Wiki, a place in Polkadot Decoded’s first community-curated edition (they were also the only lightning pitch to make the first-day Mainstage), winning the Web3 Foundation grant and selection into the first Web 3.0 Bootcamp in 2020.
Automata announce USD 2.4 million raise
Automata Network announced, on the 1st of June, 2021, that it had raised $2.4 million in strategic funding, with investors like KR1, IOSG Ventures and Jump Trading taking part in the round. Keld van Schreven, the managing director and co-founder of KR1 and Jocy Lin, the founding partner at IOSG Ventures, spoke about the company’s momentum:
“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
“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.”
– Jocy Lin
The successful raise goes a long way to signify the industry’s confidence and unwavering support of Automata’s Web3 project. This support would go a long way in helping Automata achieve their aims of ushering in a private and secure Web 3.0 in a “grounded, practical manner”.
Deli Gong, co-founder of the Automata Network also made the following remark:
“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 centralised infrastructure is only the beginning and that offering developers and users an intuitive, seamless experience to make privacy a built-in option along their data journey is the only way to move forward.”
Automata Launches On Binance Launchpool
Automata also announced on the 1st of June that the Automata token would be officially launching on the Binance Launchpool. Farming for ATA on the Binance Launchpool began at 00:00 AM (UTC) on the 2nd of June, with users able to stake BNB, BUSD or DOT and earn rewards in the form of Automata’s ATA token ahead of the June 6, 06:00 AM (UTC) listing of the ATA token on Binance. As of right now, ATA has hit 5 billion total locked value on the Binance Launchpool.
The Binance launchpool has been active since September 2020 launching more than 15 projects with an excess of $529 million in tokens distributed to more than 408,783 crypto holders worldwide. For Automata, launching on this pool means access to Binance’s considerable marketing resources and its large community of users, projects and services; quickened token adoption and increased asset liquidity.
Deli Gong said on the Binance launchpool launch “We see the listing on Binance Launchpool as a great way to reach out to a broader audience while creating greater flexibility and liquidity for our growing community. As a market leader with strong synergies in the space, we appreciate the team’s consistent execution and look forward to working closely together with Binance in the upcoming days.”
How Farming ATA Tokens Works
- First, log in to your Binance account.
- Go to the launchpool page.
- Choose the pool where you wish to stake tokens, you can choose one of BNB, BUSD or DOT.
- Click on the stake button.
- Look through the staking details for the pool. These include the total amount staked, daily yield rewards, and annual yield percentage.
The announcements of the $2.4 million funding and the launching of the ATA token serve to further Automata Network’s growing reputation in the industry. Although there is still a lot of work to be done, as alluded to by co-founder Deli Gong, the network shows a lot of promise, judging by the strides that have already been made.