Cosmos-based smart contract platform Agoric raises $32 million, launches mainnet

Cosmos-based smart contract platform Agoric raises $32 million, launches mainnet

Agoric, a JavaScript-based smart contract platform built on the Cosmos SDK with Tendermint proof-of-stake (PoS) mechanism, has raised $32 million in a private token sale and has also launched its mainnet after over three years of development.

Agoric was founded in 2018 to help Javascript developers — the biggest developer community in the world with nearly 14 million people — build decentralized applications or dapps. Javascript is a programming language like Ethereum's Solidity and Solana's Rust language.

"The crypto market has overlooked the need to engage with non-crypto-native audiences to onboard the next wave of DeFi entrepreneurs," Agoric co-founder and CEO Dean Tribble told The Block. "Agoric is aiming to bridge this divide" by enabling developers to create dapps using JavaScript smart contracts.

Tribble is a former principal architect at Microsoft and leads Agoric with chief scientist Mark S. Miller, a Google research scientist who wrote a paper called Agoric Open Systems in 1988.

Now that the Agoric mainnet has been launched and the new capital has been raised, the platform hopes to build and grow its developer community. Tribble said Agoric will reward early developers with its native Build (BLD) token.

Along with the mainnet, Agoric has also launched its native automated market maker (AMM) to let users swap tokens. It has also launched a native USD-pegged stablecoin called RUN for paying fees within the network.

There are currently 22 people working for Agoric and Tribble plans to hire around ten more people across various roles, he said.

Agoric is backed by notable investors, including Polychain and Naval Ravikant. The latest private token sale round was backed by several investors, including Placeholder, NGC Ventures, Spartan Group, Compound VC, Acrew Capital, Figment, and Chorus.One.

The round brings Agoric's total funding to date to $38 million. It has previously raised $6 million in two rounds. Tribble said Agoric has no plans to raise more funds in the near future.

© 2021 The Block Crypto, Inc. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.


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