PureStake Raises $6M in Funding for Moonbeam Development

PureStake Raises $6M in Funding for Moonbeam Development
  • PureStake received $6 million in funding.
  • Funding raised for the Moonbeam development.
  • PureStake’s funding round was led by CoinFund.

PureStake, a Blockchain startup has received $6 million in funding for the development of Moonbeam.

Moonbeam is an Ethereum-based smart contract parachain developed on Polkadot. However, the firm mirrors the Ethereum ecosystem and benefits from interoperability with the remaining of the Polkadot ecosystem

Derek Yoo, who founded Moonbeam and CEO at Purestake, explained his plans to make the network a hub for DeFi and NFTs. However, DeFi and NFTs are two spaces that presently form a key part of the Ethereum ecosystem

CoinFund CEO Jake Brukhman said,

“Moonbeam is setting the state of the art of Ethereum compatibility on Polkadot as well as developing a robust smart contracting facility in the new network. We are pleased to be able to support the Moonbeam team as they continue to make incredible technical progress in this space.”

More so, PureStake’s funding round was led by CoinFund, with support from Binance Labs, ParaFi, Coinbase Ventures, Fenbushi Capital, IOSG Ventures and others. In addition, other participating investors included venture capital companies Hypersphere Ventures, Hashkey, and Arrington XRP. Also, A195, KR1, D1 Ventures, Mechanism Capital, Divergence Ventures, and Signum Capital.

Furthermore, PureStake is working on developing Moonbeam ahead of a mid-2021 launch. It’s expected to roll out in many phases. For instance, the phases include, the testnet went live, and the Moonriver parachain will be deployed on Kusama next. Nevertheless, the Moonbeam ecosystem will then launch on Polkadot later this year
According to CoinGecko, the ETH and DOT are trading at $1,840 and $34.43 respectively, at the time of writing.

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Cryptocurrency and blockchain tech interest has enticed Carolyna to write for NewsCrypto. She made her personal mission to help non-crypto geeks to understand the technology with ease.