Polychain Capital leads Anoma Network's $ 26 million increase

Private barter blockchain Anoma Network has raised $ 26 million (24 million Swiss francs) from some of the largest crypto venture capital...



Private barter blockchain Anoma Network has raised $ 26 million (24 million Swiss francs) from some of the largest crypto venture capital funds as it seeks to reinvent the age-old practice of trading commodities without using d ‘money.

Anoma Network will use the product to advance its proof of stake blockchain, which has been designed to facilitate private transactions using ‘asset independent barter’. Barter refers to the exchange of goods and services for other goods and services without money as an intermediary.

In the case of Anoma, traders have the ability to convert assets without the need for a base currency. (In traditional forex markets, the base currency is the first currency in a currency pair and indicates how much quote currency, or second currency, is needed to purchase a unit.)

The investment round was led by Polychain Capital, a San Francisco-based venture capital fund that is originally some of the biggest increases in crypto, with additional participation from Fifth Era, Maven 11 Capital, Zola Capital, Electric Capital, CMCC and others. Polychain Capital was also behind the private sale of Anoma, which closed in April for a value of around $ 6.8 million. Notably, Coinbase Ventures also participated in the investment round.

Venture capital funds have identified crypto and blockchain projects as major growth engines for the future and have allocated tens of billions of dollars to such initiatives. During the first ten months of the year, the crypto industry had raised over $ 17 billion in venture capital.

Related: ConsenSys Unicorn Blockchain Valued At $ 3.2 Billion After $ 200 Million Raise

The crypto industry is now home to more than a dozen unicorns, a term that describes startups with a total valuation of $ 1 billion or more.