$10 Million Successfully Secured by Stake Technologies for Development of DApp Ecosystem
According to the latest reports, Stake Technologies Inc. has made an announcement in regards to a recent funding round. The firm, known for providing infrastructure for the development of decentralized applications has confirmed it has carried out a successful funding round.
Stake Technologies Inc., which also provides infrastructure for Web 3.0 protocols has announced it has raised $10 million from the funding round. According to the firm, the funds raised from the funding round would be used for strategic investments.
The company will be focusing on building ecosystems for Kusama and Polkadot. Stake Technologies Inc. intends to build the ecosystems using its wholly-owned networks; Shiden and Plasm.
The firm has revealed that it is currently working on an offering for parachain lease. Therefore, it is going to deploy the funds immediately for that purpose. The funds will be deployed for the PLO of both Polkadot and Kusama. The announcement regarding the deployment of the funds was made by Stake Technologies on Friday, June 11, 2021.
As part of the plan, Polkadot would have the Plasm Network dedicated to working on it. On the other hand, the Shiden Network parachain would be dedicated to working on the Kusama PLO.
According to sources, in order to secure the Shiden parachain lease, Stake Technologies has gone ahead and has adopted a crowd loan-centric strategy. The crowdloan-centric strategy is one out of the two approaches that are made primarily for securing a slot for parachain. On the other hand, other slots for parachain are subject to direct sales.
Stake Technologies Inc. has confirmed that Fenbushi Capital was the firm that led the investment round for the firm. There were several other firms that also participated in the funding round. Some of the most prominent firms include AU21 Capital, TRG Capital, IOSG Ventures, Gumi Cryptos, and Hypersphere Ventures.
There was another most honorable mention in the list of investors who deserved a separate introduction. The investment round was honored with the presence of an angel investor, Nobuyuki Idei, who is the former chairman and CEO of Sony.
Shiden and the Plasm Network both aim to become hubs for Kusama and Polkadot, providing users with decentralized applications (DApps) with multi-chain functionality. Stake Technologies is confident in claiming that both networks would prove to be gateways for cross-chain assets.
Through the networks, the users would be able to gather and utilize assets from other parachains, layer-two platforms, and networks.
With the multi-blockchain functionality, Shiden and Plasm would prove key contributors to the overall ecosystem for parachain. The functionality offered by the networks would help to scale of the future parachain launched into the system.
Hypersphere Ventures, one of the partners that contributed to the funding round is confident that the network would prove very beneficial for the entire cryptocurrency industry development.