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PureStake Closes $6 Million Funding for Moonbeam

2 mins
Updated by Anirudh Tiwari
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In Brief

  • Moonbeam developer PureStake announced the completion of a $6 million strategic round for the smart contract platform.
  • The funding will be used to hire developers, build additional tools, perform security audits, and establish a presence in Asia.
  • PureStake plans to launch Moonbeam in Q3 2021.
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Moonbeam completed a $6 million strategic round of funding, according to developer PureStake. The primary investor was CoinFund, but it also included participation from Binance Labs, ParaFi, Coinbase Ventures, Fenbushi Capital, IOSG Ventures, and earlier seed investors.

PureStake said it would use this round of funding for a variety of developments at the company. These include hiring developers and building additional tools and integrations. The funding would also support third-party security audits and help Moonbeam establish a market presence in Asia. If these developments are successful, PureStake hopes to launch Moonbeam in the third quarter of 2021.

Moonbeam’s Ethereum Compatibility

Following a seed round in September 2020, Moonbeam has become one of the most prominent parachains in the Polkadot ecosystem. Since the TestNet launched that same month, dozens of projects have started integrating with the Moonbeam network, including SushiSwap. As a Polkadot parachain, it will also benefit from Polkadot’s relay chain’s security and its integration with other chains.

Moonbeam is a smart contract platform on the Polkadot network. What makes it unique is its Ethereum compatibility. This makes it easy for users to build natively interoperable applications. This Ethereum compatibility allows developers to deploy smart contracts written in the Solidity programming language with minimal changes.

“We see enormous potential in the Polkadot space, and 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,” said Jake Brukhman, CEO of CoinFund.

PureStake’s Plans

PureStake intends to take a multi-phased approach to launch the Moonbeam network. This is similar to the way the Polkadot network was also launched. First, PureStake launched a TestNet parachain, which is currently live. Then a beta Moonriver will be deployed to the experimental network Kusama. Finally, PureSteak will launch the Moonbeam network for Polkadot

“The partnerships forged in this round will provide us with the capital, guidance, and global traction we need to launch the Moonbeam network and establish it as a center of DeFi, NFT, and other activity on Polkadot,” says Derek Yoo, CEO of PureStake and Founder of the Moonbeam project.

PureStake is a provider of protocol implementation services. The company also creates developer tools for next-generation blockchain networks.

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Nicholas Pongratz
Nick is a data scientist who teaches economics and communication in Budapest, Hungary, where he received a BA in Political Science and Economics and an MSc in Business Analytics from CEU. He has been writing about cryptocurrency and blockchain technology since 2018, and is intrigued by its potential economic and political usage.
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