Anoma Network, a private bartering blockchain, has received $26 million from some of crypto’s most well-known venture capital firms in order to rethink the age-old practice of exchanging products without using money.
The funds will be used to enhance Anoma Network‘s proof-of-stake blockchain, which is intended to ease private transactions through “asset-agnostic bartering.” Bartering is the act of exchanging products and services for other goods and services without the use of money as a medium of exchange.
Traders using Anoma have the ability to convert assets without the need for a base currency. (In conventional exchange markets, the base currency is the first of a currency pair and indicates how many of the quote currency, or second currency, are required to purchase one unit.)
Polychain Capital, a San Francisco-based venture firm that has invested in some of the largest crypto fundraisers, led the round, with participation from Fifth Era, Maven 11 Capital, Zola Capital, Electric Capital, CMCC, and others. Anoma’s private sale, which closed in April for $6.8 million, was also backed by Polychain Capital. Coinbase Ventures, for example, was also a member of the funding round.
Crypto and blockchain projects have been seen as important development drivers for the future by venture capital firms, which have invested tens of billions of dollars in them. The crypto business raised more than $17 billion in venture capital in the first 10 months of this year.
There are already well over a dozen unicorns in the crypto business, which are firms with a cumulative valuation of $1 billion or more.
