• Mon. May 20th, 2024

$6 Million Worth Of Funds Have Been Collected for Moonbeam by PureStake

Apr 3, 2021

PureStake, the developer of the Moonbeam project, has announced that they have finally collected their targeted funds of $6 million in a strategic round for their smart contract platform.

The Moonbeam project has secured funds worth $6 million in a strategic round funding, as stated by its developing company, PureStake. The founding investor of this project was CoinFund, but it was not the sole stakeholder. Companies and investors like ParaFi, Binance Labs, Fenbushi Capitals, Coinbase Ventures, IOSG Ventures and many other investors contributed their fair share of funding.

PureStake has made it abundantly clear that they are going to use said funding for a vast number of developmental processes at the company. These developments include building additional tools, integrations and hiring new and experienced developers. The proceeds from this funding will also be used to support the security audits made by third party platforms and also in helping Moonbeam to establish its market presence in Asia. Pending the successful developments of the project, Moonbeam is set to be launched during the third quarter of this year.

The Ethereum Compatibility of Moonbeam

Trailing the seed round run during September 2020, Moonbeam is now among the most prestigious parachains throughout the whole Polkadot ecosystem. After the successful launch of the TestNet platform in the same month, a huge amount of projects such as SushiSwap have started to pair with the network of Moonbeam as a Polkadot parachain. It would also benefit from the relay chain security of Polkadot and the integration of Polkadot with other chains.

Moonbeam is based on the Polkadot framework, and it uses smart contracts in its platform. The unique feature of this platform is its compatibility with Ethereum. This compatibility makes it very easier for the users of Moonbeam to make natively interoperable applications. The compatibility of Moonbeam with Ethereum also allows its users to spread out the smart contracts, which are developed in the Solidity language for programming with just a few changes.

Future Plans of PureStake

PureStake is intending to launch Moonbeam in a similar way as Polkadot was launched, using a multi-phased approach. The TestNet chain launched by PureStake is live currently. Kusuma will be used as the network for testing the beta version of Moonbeam.

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