Decentralized service protocol Automata Network has today announced the conclusion of a $2.4 million funding round. The protocol, whose focus is to provide privacy middleware for decentralized applications (dApps), is designed to achieve traceless privacy and frictionless computation.
Automata’s latest funding round was led by KR1 alongside other prominent investors which include Jump Trading and IOSG ventures. This comes as a boost to the decentralized service protocol in a world where privacy is becoming increasingly important.
According to KR1 co-founder and managing director Keld van Schreven, Automata has shown the potential to provide privacy-focused solutions for decentralized ecosystems. He went on to highlight that the protocol’s vision is in line with KR1’s commitment towards a privacy-oriented web3 economy:
"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."
Notably, Automata utilizes oblivious RAM space to enhance the functionality and privacy of decentralized applications. Some of the privacy solutions offered by this decentralized service protocol include Conveyor for MEV Minimization and an off-chain governance tooling solution dubbed Witness. IOSG Ventures Founding partner, Jocy Lin, further commented on the importance of privacy solutions for decentralized networks:
"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."
ATA Token Listing on Binance
Automata Network also announced that its native token ATA will be listed on Binance on June 7 at 06:00 AM UTC. The token’s farming program was already live on the Binance Launchpool with over $5 billion in total locked value (TVL) as of press time.
This initiative by Automata Network allows users to stake BUSD, BNB or DOT to earn farming rewards in the form of ATA tokens. With the token now set for listing on Binance, ATA farmers will be able to trade it on the centralized exchange.