OAK Network Raises A $5.5M Seed Round
OAK Network closed a $5.5M Seed round led by Foundation Capital, Greylock, and Hypersphere Ventures. Other notable participants in the funding round include Electric Capital, Monday Capital, GSR, Shima Capital, Blockwall Digital, and angel investors.
OAK Network’s innovation, the event-driven transaction, allows users to create bespoke on-chain automation not possible today. Incumbent “automation” solutions are not consumer-friendly, requiring coding knowledge, AWS servers, and private key delegation. OAK’s more powerful transaction shifts the paradigm of automation from centralized servers to the blockchain. With OAK, users are empowered to schedule future and recurring payments, engage in trustless auto-trading, and place decentralized limit and stop-loss orders on AMM DEXs all without smart contract middlemen or compromising the security of a user’s wallet.
The OAK Network team received an open grant from the Web3 Foundation in May 2021, and won the 1st prize in the Polkadot hackathon in July. The team has developed a working proof of concept of the event registry on top of Parity’s Substrate open source framework. OAK Network’s chains are natively compatible with Polkadot, and will be integrated with Kusama and Polkadot as parachains through crowdloan auctions.
About OAK Network
OAK (On-chain Autonomous Kernel) Network is an automation layer-2 blockchain for Defi and recurring payments. Our mission is to build a Stripe for Web 3.0 across protocols. Technically speaking, the blockchain is built on Parity Substrate with an event-driven execution model.
