Polkadot Auction Winner Astar Network Secures $22M in Venture Capital Funding

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Astar Network, a Polkadot parachain public sale winner has secured the sum of $22 million from enterprise capital in addition to angel buyers. 

As unveiled by the blockchain protocol, the fundraise drew participation from Polychain, Alameda Research, Alchemy Ventures, Animal Ventures, Crypto.com Capital, Digital Finance Group, GSR, ROK Capital, Scytale Ventures, Vessel, Injective Protocol, and angel buyers together with Dr. Gavin Wood, Richard Ma, Keisuke Honda, and a few executives from Web3 Foundation and Parity Technologies.

While enterprise funding is rising at a really quick tempo, Astar Network is a protocol that was deserving of consideration from buyers based mostly on the modern answer it’s heralding. Built as a protocol to take community interoperability to an entire new degree, Astar Network grew to become the third protocol to win a Polkadot parachain public sale, a improvement that showcases how nicely it has a group that believes in its push. Astar Network can be constructing a framework whereby Web3.0 builders might be incentivized adequately for his or her work.

“Astar is making a highly competitive bid for new developers to the Polkadot space, and we’re excited to be partnering with them. The project’s focus on including additional WASM-compiling languages in their EVM’s compatibility should help attract development in many more programming languages, and their dApp staking platform represents an innovative new approach to bootstrapping and funding an emergent ecosystem,” Ben Perszyk, Partner at Polychain Capital.

With the brand new funding, the startup now has the monetary backing to proceed in its improvement of a multichain answer. As detailed by the startup, it’s working relentlessly to be a multichain good contract hub by connecting a number of L1 chains and supporting a number of good contract digital machines. Currently, 2 Ethereum bridges are reside and 1 Cosmos bridge is beneath heavy improvement. In its bold timeline, the startup hopes to attach all main chains by This fall this yr.

Image supply: Shuttstock

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