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PureStake Raises $6M From Binance Labs, Coinbase Ventures
PureStake's Moonbeam parachain launched its testnet in September as part of the Polkadot ecosystem.
PureStake, a company that builds blockchain infrastructure for proof-of-stake networks, has raised $6 million in a funding round led by investment firm CoinFund, and supported by Binance Labs, the incubation and seed funding arm of the world’s largest crypto exchange.
STORY CONTINUES BELOW
Coinbase Venture, ParaFi, Fenbushi Capital, IOSG Ventures, Divergence Ventures, Signum Capital and others also participated in the round.
The company said the funding will be used to launch the Moonbeam network later this year on mainnet, hire new staff, build developer tools, perform third-party security audits and expand its operations in Asia.
PureStake's Moonbeam parachain launched its testnet in September 2020 as part of the Polkadot ecosystem. Since then, it has formed the foundation for many new projects that have have begun to build on its network or have planned integrations with it, such as SushiSwap, Balancer, IDEX and Ocean Protocol.
Read more: Binance Labs Leads $1M Seed Round in Crypto Tor Alternative HOPR
In an interview with CoinDesk, Austin Barack, senior investment analyst at CoinFund, praised what he called the Moonbeam network’s strong Ethereum compatibility.
“Applications that are built on Ethereum can be deployed in parallel onto Moonbeam without having to reconfigure their code, and from there they have interoperability into the entire Polkadot ecosystem where they can benefit from fast transaction times and low transaction costs, but also connectivity to all of the other applications built on Moonbeam and other parachains within the broader Polkadot network,” said Barack.
Tanzeel Akhtar
Tanzeel Akhtar has contributed to The Wall Street Journal, BBC, Bloomberg, CNBC, Forbes Africa, Financial Times, The Street, Citywire, Investing.com, Euromoney, Yahoo! Finance, Benzinga, Kitco News, African Business Magazine, Hedge Week, Campden Family Office, Modern Investor, Spear's Wealth Management Magazine, Global Investor, ETF.com, ETF Stream, CIO UK, Funds Global Asia, Portfolio Institutional, Interactive Investor, Bitcoin Magazine, CryptoNews.com, Bitcoin.com, The Local, The Next Web, Mining Journal, Money Marketing, Marketing Week and more. Tanzeel trained as a foreign correspondent at the University of Helsinki, Finland and newspaper journalist at the University of Central Lancashire, UK. She holds a BA (Honours) in English Literature from the Manchester Metropolitan University, UK and completed a semester abroad as an ERASMUS student at the National and Kapodistrian University of Athens, Greece. She is NCTJ Qualified - Media Law, Public Administration and passed the Shorthand 100WPM with distinction. She does not currently hold value in any digital currencies or projects.
