Ahead of Parachin Launch on Polkadot Moonbeam’s PurStake raises $6 Million

Polkadot Moonbeam's PurStake raises $6 Million

Integration work and a novel market push is the main aim of the Company building Moonbeam.

A successful $6 Million raise has been announced by PurStake, the company that is building Moonbeam and Moonriver network, which are two parachin candidates for Polkadot and Kusama.

The funding round included participants such as Coinbase Ventures, Binance labs, ParaFI and which was led by CoinFund.. Also, joined in he Funding round were some previous investors, that funded the project in 2020 September. Some of these investors are Hashkey, Arrington XRP, A195, KR1, D1 Ventures, Mechanism Capital, Divergence Ventures,  Polkadot-centric Hypersphere Ventures,.and Signum Capital

Gearing up for Parachin actions, the current PurStake round comes as Polkadot ecosystem. Moobeam is aiming at Q3 2021, though most of most of the candidate projects expected a release between Q1 and Q2 this year.

At Kusama is where the Parachin action process will be first conducted, Moonriver is also an a sister network being lauched by Moonbeam and as expected, auctions on Polkadot chains will soon start afterwards.

However, looking  closely to mirror the Ethereum environment while benefiting from interoperability from the rest of the Polkadot ecosystem, Moonbeam positions itself as Ethereum on the Polkadot chain.   Though many parachains have since added support for the Ethereum Virtual Machine, Moonbeam focuses on the rest of the Ethereum ecosystem, supporting the same addresses, wallets and development tools.

Derek Yoo, CEO of PureStake, told Cointelegraph that the investment will be deployed for further development work and business expansion. Though he noted that the “we have the core Ethereum compatibility work basically done,” there will still be continuous development work required to “develop further features, integrations and capabilities over time.” On the business side, the funding will serve to attract “additional marketing resources and funding our expansion to Asia,” Yoo added.

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