Blockchain interoperability firm Analog has raised $5 million in a new funding round, bringing its total funding to $21 million. The latest round saw participation from prominent investors, including Tribe Capital, Balaji Srinivasan, Wintermute, and Mask Network, reinforcing confidence in Analog’s vision of seamless cross-chain interaction and Web3 data accessibility.

Originally incubated by Binance, Analog has also secured backing from Foresight Ventures, Near Foundation, Contango Digital, Outliers Fund, GSR, and NGC Ventures, along with several angel investors. The funding sets Analog’s fully diluted valuation (FDV) at $300 million as the company prepares for its upcoming Token Generation Event (TGE).

Analog specializes in blockchain interoperability through its General Message Passing (GMP) protocol, which allows developers to create decentralized applications (dApps) that operate across multiple chains. The company’s technology stack aims to address Web3’s fragmentation and inefficiencies, enhancing cross-chain functionality for developers and users alike.

The firm’s cross-chain capabilities are demonstrated through Zenswap, a decentralized exchange built using Analog’s proprietary infrastructure. Zenswap facilitates asset swaps across multiple blockchains, utilizing USDC-based liquidity routing for networks such as TON, Solana, and Bitcoin.

Additionally, Analog’s software development kit (SDK) currently supports Ethereum Virtual Machine (EVM) and Polkadot chains, with plans to integrate Solana and TON.

The company has also forged partnerships with projects like Rarible, Pixelport, Belong Network, XYO, Meson Network, Dmail, and StationX. More than 50 projects have committed to building on Analog’s protocol, while its testnet has attracted over 345,000 participating accounts, paving the way for its mainnet launch.

As the blockchain sector moves toward multi-chain and omnichain ecosystems, Analog aims to provide a scalable, secure, and developer-friendly platform. By streamlining interoperability, the company seeks to enhance decentralized finance (DeFi) applications, NFT minting, and liquidity aggregation, positioning itself as a key player in the evolving blockchain infrastructure landscape.

Editorial Note: This news article has been written with assistance from AI. Edited & fact-checked by Harshajit Sarmah.