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PureStake Completes $6M Funding Round for Moonbeam Network to Aid Mainnet Launch

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by Benjamin Godfrey · 3 min read
PureStake Completes $6M Funding Round for Moonbeam Network to Aid Mainnet Launch
Photo: PureStake

The Moonbeam Network is an Ethereum-compatible smart contract platform on the Polkadot network designed to allow for interoperability across chains.

Protocol implementation services provider PureStake has completed a $6 million funding round for one of its flagship projects, the Moonbeam Network. According to the official announcement by the tech startup, the funding round was led by CoinFund, a leading blockchain-centric investment firm. Other partners on the record that supported the PureStake funding round include Binance Labs, ParaFi, Coinbase Ventures, Fenbushi Capital, IOSG Ventures, and other existing partners.

PureStake Funding Round

According to PureStake, the fund will be utilized in hiring development resources, secure additional integrations and developer tools, perform third-party security audits, and establish a market presence in Asia. The unhindered attainment of these milestones will undoubtedly help in the successful launch of the Moonbeam Network’s Mainnet later in the year.

Access to funds by blockchain and crypto startups building innovative solutions in the growing crypto space is becoming commonplace today. In a similar move, decentralized Non-Fungible Token (NFT) marketplace, OpenSea secured $23 million from investors this month while Bitpanda landed $170 million in Series B funding round pushing it up the ladder of tech unicorns in Austria. All funds obtained by each of these firms all have a common denominator, and that is to fuel growth and facilitate new product or services rollout.

“From the beginning, we have prioritized broad and strategic distribution when fundraising. The partnerships forged in this round – which include some of the most well-respected names in the industry – 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.

The Moonbeam Technology and Proposed Solutions

The Moonbeam Network is an Ethereum-compatible smart contract platform on the Polkadot network designed to allow for interoperability across chains. The Moonbeam infrastructure allows developers to either create new DApps or launch existing ones with little alterations.

The network is actively being developed by the PureStake team and with it, builders or integrators can gain immediate access to DOT, KSM, native Polkadot assets like aUSD, as well as other bridged assets including Bitcoin (BTC) and Ethereum-based ERC-20s. In all, the Moonbeam Network helps extend the base Ethereum feature set with additional provisions such as on-chain governance, staking, and cross-chain integrations.

The Moonbeam ecosystem will be powered by the Glimmer (GLMR) Token and will find uses in smart contract execution, staking to help support the liveness of the system, payment of fees, and in general network governance.

With the TestNet in active deployment and projects including SushiSwap, IDEX, Chainlink amongst others already building on the Moonbeam protocol, this latest funding round will help the team plan and successfully launch the Moonriver network deployment to Kusama, followed by a Moonbeam network deployment for Polkadot all planned for later this year.

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Benjamin Godfrey

Benjamin Godfrey is a blockchain enthusiast and journalists who relish writing about the real life applications of blockchain technology and innovations to drive general acceptance and worldwide integration of the emerging technology. His desires to educate people about cryptocurrencies inspires his contributions to renowned blockchain based media and sites. Benjamin Godfrey is a lover of sports and agriculture.

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