Private bartering blockchain Anoma Network has raised $26 million (24 million Swiss francs) from some of crypto's biggest venture funds as it seeks to reimagine the historic period-old do of exchanging goods without using money.

Anoma Network will utilise the proceeds to accelerate its proof-of-pale blockchain, which has been designed to facilitate private transactions using "asset-agnostic bartering." Bartering refers to the commutation of goods and services for other goods and services without coin equally the intermediary.

In the case of Anoma, traders have the power to convert assets without the need for a base currency. (In traditional commutation markets, the base currency is the first currency in a currency pair and denotes how many of the quote currency, or second currency, is needed to buy one unit.)

The investment round was led by Polychain Capital letter, a San Francisco-based venture fund that'due south behind some of the biggest raises in crypto, with additional participation from Fifth Era, Maven 11 Capital, Zola Capital, Electric Capital, CMCC and others. Polychain Capital was also backside Anoma's individual sale, which concluded in Apr at a value of roughly $6.8 meg. Notably, Coinbase Ventures as well participated in the investment round.

Venture funds have identified crypto and blockchain projects equally major growth drivers for the future and have allocated tens of billions of dollars to such initiatives. In the get-go x months of the yr, the crypto industry had secured more than than $17 billion in venture funding.

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The crypto industry is at present home to well over a dozen unicorns, a term that describes startups with a total valuation of $1 billion or more.