Smart contract platform Agoric raises $32M in private sale
Cosmos-based dApp network Agoric has raised over $32 million in a recent token sale round held by the company. Founded in 2018, the network had just launched its mainnet on November 1.
The private-sale round was led by Polychain Capital, Naval Ravikant’s MetaStable, Rockaway, and Gumi Ventures. In addition, the JavaScript-based platform saw an inflow of funds from Placeholder, NGC Ventures, and Spartan Group.
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Agoric is a proof-of-stake-based smart contracts platform built on the Cosmos network. The network utilizes Cosmos Software Development Kit (SDK) and Tendermint’s PoS consensus mechanism to help JavaScript developers develop dApps. Also, the smart contracts offered by Agoric are built on the JavaScript language.
Agoric co-founder and CEO Dean Tribble said in the press release:
“Today, the DeFi development environment is failing to reach its full potential. By bringing DeFi to the overlooked JavaScript community, Agoric is blasting open the DeFi economy to over 10 million innovative and curious developers, enterprises, and institutions to create the dapps of tomorrow.”
Tribble previously worked at Microsoft as a principal architect and works alongside Agoric Chief Scientist Mark Miller, a Google research scientist.
As part of its phased rollout, the network will later launch its Automatic Market Maker (AMM) allowing users to swap tokens. Additionally, the company will later launch RUN protocol and token, a local stablecoin pegged to the US dollar.
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