Yahoo Finance Ava Protocol lands $10M funding to develop 'super transactions'
Investing.com -- Ava Protocol, formerly known as OAK Network, closed a $10 million seed funding round as it looks to expand its operations and technology stack, according to an emailed announcement shared with Investing.com on Tuesday.
The recent financing comprises an initial $5.5 million round followed by a subsequent $4.5 million seed+ round. Ava Protocol won support from notable names in the venture capital and cryptocurrency spaces. Specifically, the seed+ round was bankrolled by Electric Capital, Taisu Ventures, Bloccelerate VC, BingX Exchange, and Shima Capital. These investors join earlier backers such as Polygon founder Sandeep Nailwal, Greylock, Foundation Capital, and GSR.
The fresh capital injection will support Ava Protocol’s development of an intent-centric, event-driven Eigenlayer AVS developed to support private autonomous transactions on Ethereum and beyond. This summer, the main goal is to launch their protocols as an EigenLayer AVS and a Polkadot parachain, along with introducing the AP token.
Ava Protocol employs a novel technical model that automates the transaction process and supports all blockchain networks by autonomously connecting them across the chain. This is achieved through a two-stage operation: 'trigger' and 'execution.'
The team is refining its testnet and expanding its capacity. Currently, over ten thousand unique wallets are using the Ava Protocol testnet, conducting more than one thousand automated transactions daily.
“We’re grateful to our seed and seed+ investors for believing in our vision of bringing composable autonomous transactions to Web3 and for accompanying us on this journey. We’re confident that their faith will be rewarded as we move towards our mainnet and onboard more ecosystem partners who will provide real-world proof of the efficiency that Ava Protocol’s super-transactions introduce for payment and smart contract data,” said Ava Protocol founder Chris Li.
“With the support of our seed investors, everything is in place to onboard additional partners who will be the first to leverage Ava Protocol’s Eigenlayer AVS," Sam Shev, Head of Marketing at Ava Protocol said. "We’re looking forward to discovering the many ways in which builders harness this technology to unlock new use cases spanning DeFi, gaming, insurance, automated trading, and much more.”
The funds will support Ava Protocol’s goal of developing core Web3 infrastructure for intent-based private autonomous transactions. The protocol enables cross-chain smart contract automation, allowing contracts to be triggered when predefined conditions are met based on variables such as time, price, or computation.
Ava Protocol supports recurring and automated “super-transactions” for Ethereum without requiring custom code. This helps reduce the time to market for Web3 applications and deliver private automation for any transaction or smart contract function. As a result, developers can focus on core competencies while accessing one-click transaction simplicity comparable to Stripe’s payment processing.
More than 30 ecosystem partners have already committed to developing dapps that use Ava Protocol’s private payment technology. Product partnerships with Polkadot, Moonbeam, and Astar are also in place.
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