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Moonbeam Network Receives Fresh Capital Injection After Purestake Fundraising Success

Following an initial seed capital round of $1.4 million, Purestake has raised a $6 million strategic round of financing from a consortium of investors to accelerate development, as the team aims to bring the Moonbeam network live in the second half of the year.
Ethereum-Compatible Smart Contract Initiative Aims To Deliver Mainnet By Mid-2021
Ethereum may be the blockchain of choice for many decentralized application (dapp) and smart contract developers at present, but that paradigm is quickly shifting as more roads lead towards Polkadot, an up-and-coming cross-chain communication protocol.
Among the fascinating projects hoping to build on Polkadot’s forthcoming parachains is Moonbeam, a protocol that assists developers with deploying multi-chain projects. By incorporating the Ethereum Virtual Machine (EVM) and Web3 compatibility, Moonbeam facilitates direct connections with the Ethereum network, helping smart contracts and dapps operate flawlessly on multiple blockchains simultaneously.
With Moonbeam inching closer to launch on a Polkadot parachain, its parent company Purestake has revealed another injection of capital into the organization designed to help the company deliver its smart contract platform later this year.
The $6 million in strategic financing round came from a broad range of investors, echoing Purestake’s commitment to forging strategic partnerships that could help propel the company’s protocol development. Coinfund led the fundraising round, joined by Binance Labs, Coinbase Ventures, Fenbushi Capital, and IOSG Ventures, among other prominent blockchain venture capital firms.
By focusing on gathering renowned industry names, Purestake plans to leverage these relationships to gain the global awareness needed to push Moonbeam …
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