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Polkadot Parachain Astar Network Raises $22M From Polychain, Alameda Research
Alchemy Ventures, Animal Ventures, Crypto.com Capital and others also participated in the round.
Astar Network, a parachain of the Polkadot network, received $22 million in strategic funding from crypto venture capital firms Polychain and Alameda Research.
- Astar will use the funding for geographical expansion, the company said in a press release on Friday.
- Other investors in the round were Alchemy Ventures, Animal Ventures, Crypto.com Capital, Digital Finance Group, GSR, Injective Protocol and Scytale Ventures, among others.
- Astar Network is a parachain or a parallel chain of Polkadot, a framework for connecting various blockchains.
- Polkadot’s main relay chain does not support smart contracts. Astar provides that support for smart contract developers.
- The Astar network also allows developers to earn tokens for building smart contracts or infrastructure, which is supported by the #Build2Earn protocol and pays out in ASTR tokens.
Read more: Polkadot Parachains Go Live, Capping Yearslong Tech Build for Ambitious Blockchain Project
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Brandy Betz
Brandy covered crypto-related venture capital deals for CoinDesk. She previously served as the Technology News Editor at Seeking Alpha and covered healthcare stocks for The Motley Fool. She doesn't currently own any substantial amount of crypto.
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