December 5, 2021

Moonbeam’s PureStake raises $6M ahead of parachain launch on Polkadot

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PureStake, the company behind the Moonbeam and Moonriver networks, two parachain candidates for Polkadot and Kusama, respectively, announced a successful $6 million raise.

The funding round was led by CoinFund and included participants such as Binance Labs, ParaFi, Coinbase Ventures, Fenbushi Capital, IOSG Ventures. Some previous seed investors, who had funded the project in September 2020, also joined. These include investors like the Polkadot-centric Hypersphere Ventures, Hashkey, Arrington XRP, A195, KR1, D1 Ventures, Mechanism Capital, Divergence Ventures, and Signum Capital.

The latest PureStake round comes as the Polkadot ecosystem starts gearing up for parachain auctions. Though most parachain candidate projects initially expected a release between Q1 and Q2 of this year, Moonbeam is planning for a Q3 2021 launch. The parachain auction process will be first conducted on Kusama, where Moonbeam is launching a sister network called Moonriver, with auctions on the main Polkadot chain expected soon afterwards.

Moonbeam positions itself as the “Ethereum on Polkadot” chain, looking to closely mirror the Ethereum environment while benefiting from interoperabilityTitle: Moonbeam’s PureStake raises $6M ahead of parachain launch on Polkadot
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Published Date: Tue, 30 Mar 2021 13:04:45 +0100