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PureStake Raises $6 Million in Funding for the Development of Moonbeam

PureStake Raises $6 Million in Funding for the Development of Moonbeam

PureStake has closed a funding round with $6 million raised for the development of Moonbeam. PureStake, the company behind the Moonriver and Moonbeam networks, two parachain bidders for Kusama and Polkadot, individually declared a successful $6 million raise. The funding round was led by CoinFund. It also included Binance Labs, ParaFi, Coinbase Ventures, Fenbushi Capital, IOSG Ventures. Some early seed investors, who had financed the project in September 2020, also participated. These involve investors such as the Polkadot-centric Hypersphere Ventures, Arrington XRP, Hashkey, A195, KR1, D1 Ventures, Mechanism Capital, Divergence Ventures, and Signum Capital.

PureStake advocated that it would use the fresh capital for a variety of developments at the company. It will employ the funds for appointing developers and developing additional tools and integrations. The funding would also assist third-party security audits and help Moonbeam build a market presence in Asia. If these extensions are successful, PureStake expects to launch Moonbeam in the third quarter of 2021.

Further, PureStake is a provider of protocol implementation services. The company also develops developer tools for next-generation blockchain networks. Recently, PureStake is working on developing Moonbeam ahead of a mid-2021 launch. PureStake roll’s out the project in various stages. The testnet has already gone live, and the Moonriver parachain will be expanded on Kusama next. Ultimately, PureStake will launch the Moonbeam network for Polkadot.

Intricate Details about PureStake’s Moonbeam

After a seed round in September 2020, Moonbeam has become one of the most significant parachains in the Polkadot ecosystem. Following the testnet launched that same month, multiple projects have begun combining with the Moonbeam network. As a Polkadot parachain, it will also profit from Polkadot’s relay chain’s security and its alliance with other chains.

Moonbeam is one of the most assuring parachains building in the Polkadot network. It operates on Parity’s Substrate infrastructure. It is capable of reading smart contracts in Solidity, the programming language employed in Ethereum. Its compatibility with Ethereum implies that it could enable developers to drive their projects over two chains. Though many parachains have appended support for the Ethereum Virtual Machine, Moonbeam concentrates on the rest of the Ethereum ecosystem, promoting the same addresses, wallets, and development tools. SushiSwap, Balancer, IDEX, Ocean Protocol, Seascape, and Linear Finance have proposed live integrations on the network. 

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