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Moonbeam Funding Announcement

A Look at Our Seed Financing for Moonbeam

We have just announced a seed financing round for our project, Moonbeam: $1.4 million from many of the most prominent venture capital firms in the blockchain industry. It’s a big milestone for us, but I’d like to take a moment to pause and explain how this fits into our overall vision for the project.

We have learned a lot since the beginning of the year, when we started the project in earnest. And we have been able to self-finance many efforts related to Moonbeam. In particular, we have made a lot of progress on development, including our collaboration with Parity on the Ethereum compatibility features in Frontier based on a grant from the Web3 Foundation. But now we have a clearer idea of what is needed for us to launch the network.

How We’ll Use the Funds

We need additional resources in a number of areas, including engineering, ecosystem development, marketing, and other crypto specialized skills. We will use the raised funds to hire additional Substrate, Rust, and Solidity engineers to help us deliver on the vision of Moonbeam.

We will also hire additional resources that can help us grow the Moonbeam project community and ecosystem. And we shouldn’t forget the legal council, security audits, and other services we need from a practical perspective to actually launch our network safely.

How We Chose Our Investment Partners

I talked to a lot of investors since the beginning of the year, when we started the project. The common thread for our investment partners is that we had a connection and engagement early on, combined with good knowledge of (and interest in) Polkadot. These investors believed in us and our vision, even before the Polkadot launch brought extra attention to the ecosystem.

Alignment around a long term vision versus a short term one was extremely important to us. We did not want to work with anyone that wasn’t willing to commit to longer time frames, or that wanted the ability to exit quickly.

Strategic alignment within the Polkadot ecosystem was also very important, which is why Hypersphere, a Polkadot ecosystem fund who led our round, was a natural partner. This — combined with support from Arrington XRP, Hashkey, KR1, Du Capital, and Bitcoin.com Exchange — gives us a strong set of strategic investors that can help us drive the project forward.

Our Anchor Partners

In addition to investors, I’ve also been talking to a lot of projects in the last couple months: both existing Ethereum-based projects, and net-new projects that are building in the Polkadot ecosystem.

We announced two initial partnerships along with our funding — Bet Protocol and Linear Finance — that will be building and deploying to Moonbeam. But we are engaged with many more projects that are exploring Moonbeam based deployments.

Based on the conversations I have had, there is no question that Moonbeam fills an important need and strategic space within the Polkadot ecosystem. There is a lot of interest in building on Polkadot. And, for some teams, building a Substrate-based parachain is the right answer. But for many other teams, Moonbeam based DApps represent an easier path that minimizes the change necessary to their existing codebases, while at the same time giving them access to the users and assets on Polkadot.

Looking Forward: Building the Moonbeam Community

We have been overwhelmed by the size and speed with which our community has grown. I know there are many people in our community that want to buy Glimmer (GLMR) tokens. We are working on ways that we can get tokens into the hands of our community members and achieve a broad token distribution, starting with our Kusama network deployment.

Our most immediate priority is to expand the team, particularly the Moonbeam engineering team, so we can deliver on the vision we have laid out. But we will also be working hard to figure out our token distribution plans for our Kusama and Polkadot deployments.

This seed funding event is an important milestone for the project, and we couldn’t have accomplished it alone. We are grateful for the support from our investors, partners, the Web3 Foundation, Parity, the Polkadot ecosystem, and everyone in our community that helped us get to this point. We will use the funds to continue to drive Moonbeam forward on a steady march to our Kusama deployment, our Polkadot deployment, and beyond.

Moonbeam Funding Announcement

PureStake Closes $1.4M Seed Round for Moonbeam Network

Company Will Use Funding to Launch the Ethereum-Compatible
Smart Contract Platform as a Parachain on Polkadot

Boston, MA – September 23, 2020 – PureStake, the company developing the Moonbeam smart contract platform, announced the completion of a $1.4 million seed round led by Hypersphere Ventures, a venture firm focused on Polkadot founded by Polkadot co-founder Robert Habermeier. Other notable participants include Arrington XRP Capital, HashKey, KR1, Bitcoin.com Exchange, and Du Capital. The funding will be used to accelerate development of the Moonbeam network, a Polkadot parachain focused on interoperability.

“Polkadot was designed to enable the creation of many blockchains, each one specialized and optimized for specific purposes,” says Robert Habermeier, Co-Founder of the Polkadot Network and Partner at Hypersphere Ventures. “Moonbeam is a great example of this principle: their smart contract platform is specialized to be accessible to a large segment of developers already familiar with Ethereum developer tools and will serve as an on-ramp to Polkadot for this community.”

BetProtocol, an Esports betting and crypto-casino protocol, will develop an implementation of their system on the Moonbeam Kusama and Polkadot networks, to allow entrepreneurs to launch blockchain betting apps with no coding required.

“Moonbeam gives us quick and easy access to users and assets in the quickly-growing Polkadot ecosystem,” says Rui Pedro Teixeira, Co-Founder of BetProtocol. “And we can develop our application using Solidity and Web3 — skills we already have — rather than needing to learn Rust and develop our own parachain using Substrate.”

Linear Finance, the first cross-chain compatible, decentralized delta-one asset protocol, is also working on projects that will leverage Moonbeam smart contracts.

“We are truly impressed by the Moonbeam team’s technological expertise in cross-chain integration and easy-to-use developer tools that allow us to quickly integrate and deploy on Polkadot with the existing Ethereum codebase,” said Drey Ng, Co-Founder and Product Lead at Linear Finance. “Users can enjoy a familiar dApp environment with a better user experience. We are excited for this partnership and see long-term value in this collaboration.”

Announced earlier this year and currently in active development, Moonbeam is a smart contract platform on Polkadot that is focused on Ethereum compatibility. This compatibility includes the ability to run Solidity smart contracts and applications built using the Web3 API. Further, Moonbeam supports popular Ethereum development tools like Truffle, Remix, and MetaMask, which allows Ethereum developers to quickly deploy applications to the Polkadot network.

The Moonbeam team received a grant from the Web3 Foundation in August 2020 for their work developing a Web3-compatible RPC library.

“From the start, we’ve been inspired by the idea of an open, interoperable blockchain ecosystem,” says Derek Yoo, CEO of PureStake. “The growth we’ve seen in our community and this investment are both expressions of support for the vision of a multi-chain future. We will be using these funds to expand the team and to help us deliver a strong Polkadot MainNet deployment next year.”

Moonbeam launched its first TestNet earlier this year and expects to deliver a parachain deployment on Polkadot in Q2 2021.

Visit the Moonbeam website for more information and updates: https://moonbeam.network/

About the Moonbeam Network

Moonbeam is an Ethereum-compatible smart contract platform on the Polkadot network that makes it easy to build natively interoperable applications. This Ethereum compatibility allows developers to deploy existing Solidity smart contracts and DApp frontends to Moonbeam with minimal changes. As a parachain on the Polkadot network, Moonbeam will benefit from the shared security of the Polkadot relay chain and integrations with other chains that are connected to Polkadot. Currently in active development by PureStake, Moonbeam is expected to reach MainNet by early 2021. Learn more: https://moonbeam.network/

About PureStake

PureStake’s team has extensive experience building technology companies and complex software platforms. Led by Derek Yoo, former Fuze Founder and CTO, PureStake provides protocol implementation services and creates developer tools for next-generation blockchain networks. Learn more: https://www.purestake.com/