Blockchain infrastructure provider Anoma is said to be seeking new funding that would propel its valuation up to $1 billion.

Anoma Foundation, the non-profit entity that created privacy-focused blockchain Namada, is reportedly in discussions to secure new funding that would elevate its valuation to $1 billion, sources familiar with the matter told Bloomberg today, July 30.

Based in Zug, Switzerland, the Anoma Foundation is reportedly seeking to raise up to $40 million, although the exact list of potential investors remains undisclosed. A spokesperson for Anoma confirmed to Bloomberg that the organization is “in active discussions,” but didn’t specify a timeline for closing the funding round.

Founded in 2020 by Hao Yin, Adrian Brink and Christopher Goe, Anoma positions itself as the first “generalized intent-centric blockchain architecture,” allowing developers to build multi-party decentralized on-chain applications.

In May 2023, Anoma raised $25 million in a funding round led by CMCC Global, with participation from investors like Electric Capital, Coinbase Ventures and Delphi Digital. This followed a $26 million round in 2021 led by Polychain Capital.

If successful, Anoma will join other blockchain startups reaching the $1 billion valuation milestone in 2024. For instance, web3 digital identity startup Humanity Protocol secured $30 million at a $1 billion valuation in May 2023, and IO Research, the developer of the Solana-based decentralized physical infrastructure network io.net, also achieved a fully diluted token valuation of $1 billion in its latest funding round.