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Anoma Foundation Raises $26M in Funding, Plans to Create Barter-system Network for Crypto

UTC by Sanaa Sharma · 3 min read
Anoma Foundation Raises $26M in Funding, Plans to Create Barter-system Network for Crypto
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The recent round was led by Polychain Capital, with contributions from other investors like Electric Capital, Zola Global, CMCC, Maven 11 Capital, and Fifth Era, including some others.

Switzerland-based startup the Anoma Foundation has raised 24 million Swiss Francs (approximately $26 million) in a recent funding round and is estimated at 240 million Swiss Francs ($260 million). The money raised will be used to avail the services of Heliax, a community of developers, to further develop the Anoma Protocol.

The Anoma protocol is fundamentally a proof-of-stake blockchain that enables users to carry out secure, asset-agnostic transactions. It is a layer one, or base blockchain that makes the transfer of tokens and assets without a base currency, facile and convenient. In a nutshell, the protocol will be able to assist the exchange of say, Bitcoin with Ethereum at the best possible market value.

The recent round was led by Polychain Capital, with contributions from other investors like Electric Capital, Zola Global, CMCC, Maven 11 Capital, and Fifth Era, including some others.

According to Adrian Brink, who is a founder at both the Anoma project and Heliax, the idea of establishing a Swiss protocol along with a distinct development shop was influenced by another Swiss-based decentralized network called Polkadot, a credible project by the Web3 Foundation. Brink claims that the money raised in the process of funding will essentially be used to bring accomplished people together.

As a matter of fact, the co-founder believes that money will eventually turn out to be futile. As the world strongly turns to the realm of digital assets, money will lose its charm, and traders would start swapping digital assets without the meddling of a currency middle layer. In this world, a company like Anoma will thrive with its asset-agnostic blockchain that allows a barter of digital goods.

While the company certainly is a flagbearer of innovation in the crypto world, the protocol is also working on providing various functionalities to the users like customizing the intent to exchange a digital token for another and fixing the minimum price to prevent under-bartering. Last month, the company inaugurated its first test network, called testnet. According to the founder Brink, the upcoming months will be targeted at improving and developing the subsequent testnets. These will be built with several other features which can be used by the customers gradually.

In January this year, the Anoma Foundation was able to raise six million Swiss francs ( $6.75 Million) in a funding round which was also led by Polychain. The company is also planning to create a user interface for wallets and integrations. The Anoma protocol was co-founded by Brink, Awa Sun Yin, and Christopher Goes, who were employees at a blockchain firm called Tendermint.

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Sanaa Sharma
Author Sanaa Sharma

Sanaa is a chemistry major and a Blockchain enthusiast. As a science student, her research skills enable her to understand the intricacies of Financial Markets. She believes that Blockchain technology has the potential to revolutionize every industry in the world.

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