Ava Protocol, a major web3 automation platform, has confirmed its acquisition of Openstory, a blockchain data startup. This strategic move aims to strengthen Ava Protocol’s position in the blockchain-powered automation industry. The acquisition involves both cash and AP token transfers, suggesting a positive relationship between the two entities.
Openstory’s founder, Vinh Nguyen, joined Ava Protocol’s team as a system architect following the acquisition. His expertise is expected to come into play in integrating Openstory’s innovative features with Ava Protocol. The move is part of a broader strategy to bolster Ava Protocol’s global market productivity and competitiveness.
Founded as Oak Network in 2021, Ava Protocol initially aimed to innovate self-governing transactions within the Polkadot blockchain. The company has since shifted its focus to extend support across multiple blockchains.
Ava Protocol’s strategic acquisition of Openstory
Ava Protocol’s mission is to create a universally integrated protocol for users regardless of their chosen blockchain platform.
The acquisition of Openstory, also launched in 2021, is expected to significantly enhance Ava’s capabilities. Openstory’s expertise in real-time data analytics and handling on-chain data will benefit Ava Protocol’s Ethereum Virtual Machine (EVM) chain management.
The partnership with Openstory is anticipated to improve Ava Protocol’s automation solutions. Furthermore, it’s expected to enhance scalability, contributing to speedier Ethereum blockchain transactions. The collaboration solidifies Ava Protocol’s industry position and highlights important progress in blockchain technology implementation.
Ava Protocol recently garnered a total investment of $10 million, from contributors that include Electric Capital, GSR, and Greylock Partners. The financial support gathered through multiple funding stages bolsters Ava Protocol’s capacity for technological advancements and market expansion. With such strong support, Ava Protocol is poised to make significant strides in the digital currency industry.
