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Ava Protocol secures $10 million in funding to develop ‘super transactions’ from Investing.com
Investing.com – Ava Protocol, formerly known as OAK Network, has closed a $10 million seed funding round as it seeks to expand its operations and technology stack, according to an emailed announcement shared with Investing on Tuesday. com.
The recent funding includes a seed round of $5.5 million followed by a subsequent seed+ round of $4.5 million. The Ava protocol has gained support from notable names in the venture capital and cryptocurrency spaces. Specifically, the seed+ round was funded by Electric Capital, Taisu Ventures, Bloccelerate VC, BingX Exchange and Shima Capital. These investors join previous backers such as Polygon founder Sandeep Nailwal, Greylock, Foundation Capital and GSR.
The new capital injection will support Ava Protocol’s development of an intent-centric, event-based AVS Eigenlayer, developed to support private autonomous transactions in and beyond. This summer, the main focus is on launching their protocols such as EigenLayer AVS and parachain, as well as introducing the AP token.
Ava Protocol uses a new technical model that automates the transaction process and supports all blockchain networks by connecting them autonomously across the chain. This is achieved through a two-step operation: “trigger” and “execute”.
The team is refining its testnet and expanding its capacity. Currently, over ten thousand unique wallets use the Ava protocol testnet, carrying out more than a thousand automated transactions per day.
“We are 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 are confident that their trust will be rewarded as we move towards our core network and adopt more ecosystem partners who will provide real-world evidence of the efficiencies that Ava Protocol super-transactions introduce for payment and smart contract data “said Ava Protocol founder Chris Li.
“With the support of our seed investors, everything is ready to bring on board additional partners who will be the first to leverage Ava Protocol’s Eigenlayer AVS,” said Sam Shev, head of marketing at Ava Protocol. “We can’t wait to see the many ways builders leverage this technology to unlock new use cases spanning DeFi, gaming, insurance, automated trading and more.”
The funds will support the Ava Protocol’s goal of developing the core Web3 infrastructure for private, intent-based 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 calculation.
Ava Protocol supports recurring, automated “super-transactions” for Ethereum without requiring custom code. This helps reduce time to market for Web3 applications and provide 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 payment processing.
More than 30 ecosystem partners have already committed to developing dapps that use Ava Protocol’s private payment technology. Product partnerships are also in place with Polkadot, Moonbeam and Astar.