PureStake Closes $6M Strategic Round of Funding led by CoinFund, with participation from IOSG Ventures

PureStake, the company developing the Moonbeam smart contract platform, announced the completion of a $6 million strategic round led by CoinFund, a leading blockchain-focused investment firm. The round included participation from Binance Labs, ParaFi, Coinbase Ventures, Fenbushi Capital, IOSG Ventures, as well as previous seed investors. This round of funding will be used to hire development resources, build additional integrations and developer tools, perform third-party security audits, and establish a market presence in Asia. These activities will position the team for a successful launch of the Moonbeam network in 2021.

Moonbeam has quickly grown to become one of the most prominent parachains in the Polkadot ecosystem. In the six months since closing a seed round and launching a TestNet in September 2020, dozens of projects have begun building on — and integrating with — the Moonbeam network. Examples of protocols with planned or live integrations on Moonbeam include SushiSwap, Balancer, IDEX, Seascape, Linear Finance, and Ocean Protocol.

The PureStake team plans to launch the Moonbeam network in a multi-phased approach similar to the one previously employed for the Polkadot network launch: a TestNet parachain deployment (currently live), the Moonriver network deployment to Kusama, followed by a Moonbeam network deployment for Polkadot (planned for later this year). This funding round will help the team plan and successfully launch each deployment, including third-party security audits of the code, as soon as the functionality is available.

The funding round also included a broad set of prominent venture capital firms across the blockchain industry including Hypersphere Ventures, Hashkey, Arrington XRP, A195, KR1, D1 Ventures, Mechanism Capital, Divergence Ventures, and Signum Capital.

The Moonbeam and Moonriver parachains are expected to launch later this year, once parachain functionality has been enabled on Polkadot and Kusama, respectively.

About the Moonbeam Network

Moonbeam is an Ethereum-compatible smart contract platform on the Polkadot network that makes it easy to build natively interoperable applications. This Ethereum compatibility allows developers to deploy existing Solidity smart contracts and DApp frontends to Moonbeam with minimal changes. As a parachain on the Polkadot network, Moonbeam will benefit from the shared security of the Polkadot relay chain and integrations with other chains that are connected to Polkadot. Currently in active development by PureStake, Moonbeam is expected to reach MainNet by mid-2021. Learn more: https://moonbeam.network/

About PureStake

Led by Derek Yoo, former Fuze Founder and CTO, PureStake provides protocol implementation services and creates developer tools for next-generation blockchain networks. PureStake’s team has extensive experience building technology companies and complex software platforms. Learn more: https://www.purestake.com/ 

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