Decentralized service protocol, Automata Network, will be launched on Binance Launchpool and also managed to raise $2.4 million from investors in a just-concluded funding round.
According to a press release shared with CryptoPotato, the fresh capital is of $1 million raised during a seed round conducted in March.
Automata’s debut on Binance Launchool will allow users to easily earn the project’s native token, ATA, via staking. Currently, users can stake their BNB, BUSD, and DOT in different pools to farm/earn ATA tokens on the platform. The ATA token will be officially listed on Binance on June 7.
Automata’s completed funding round was led by several institutional investors including the European digital investment company KR1, an early-stage fund for decentralized protocols, IOSG Ventures, and the US-based proprietary trading firm, Jump Trading.
Automata is a decentralized service protocol that provides privacy “middleware” services for decentralized apps (dApps) that helps them to maintain a high level of privacy and at the same time, allow frictionless integration onto platforms like Ethereum and Polkadot.
The project’s co-founder, Deli Gong, said:
“At a time when privacy continues to be held in theoretical regard everywhere, it is also a dismaying fact that practical adoption on the ground continues to be slow, if not negligible. We believe that making a break away from centralized infrastructure is only the beginning, and that offering developers and users an intuitive, seamless experience to make privacy a built-in option is the only way to move forward.”