Blockchain startups are raking in massive funding from top investors these days that help them bootstrap their development and embark on substantial growth fostering product efficiency and innovation. Freshest from the lot is PureStake, which raised a massive 1.4 Million USD in the seed funding round led by Hypersphere ventures and Polkadot founder Robert Habermeier’s investment firm.
The participating investors were HashKey, Bitcom.com Exchange and Arrington XRP Capital, and several other firms. The company aspires to launch the MoonBeam Network, an Ethereum Compatible contract platform developed as a parachain of Polkadot.
PureStake Director Katie Butler Talks About Moonbeam
The Director of Marketing at PureStake said that the company is striving to help the Ethereum developers implement smart contracts to a Polkadot based environment. Moonbeam, a para chain of Polkadot, would provide the same features and enable the developers to utilize their already used code and tools to access the Polkadot system with ease.
Moonbeam Team Wins Prestigious Grant
The company launched the Moonbeam test net in early 2020, and the parachain deployment on the Polkadot environment is expected to begin by the second quarter of 2021. The Moonbeam smart contracts are likely to be used by the Betprotocol(Esports Betting Protocol) and Linear Financing (cross synthetic asset protocol).
Last month the Moonbeam team successfully won a substantial grant from the Web3 foundation for exceptional work in creating a web-3 compatible RPC library.
The CEO of PureStake, Derek Yoo, Shared Views About the Investment
“ The growth we’ve seen in our community and this investment are both expressions of support for the vision of a multi-chain future. We will be using these funds to expand the team and to help us deliver a strong Polkadot MainNet deployment next year.”
Polkadot CoFounder Lauds Moonbean
As per the article posted on the PureStake website, Robert Habermeier, the Polkadot Network Cofounder and Hypersphere Ventures Partner Moonbeam, a parachain to Polkadot, is a great example of the Polkadot principle of creating multiple blockchains with each focusing on specific areas. He further added the Moonbeam smart contract platform is accessible to a large pool of developers who work with the Ethereum developer tools and can work aid enormously to bring Polkadot for the developer community.