Astar raises $22M via a funding round led by Polychain
Astar, a ‘Polkadot-native dApp hub supporting Ethereum, WebAssembly, dApp Staking, and Layer2 solutions’, has completed a funding round led by Polychain, ‘a crypto-financial firm that works with investors and businesses to accelerate the global adoption of cryptocurrency.’
Astar raised $22M
Astar raised $22 million in the funding round, which saw participation from reputed firms like Alameda Research, Crypto.com Capital, Digital Finance Group, and many more.The popularity of the protocol can be attributed to the fact that it earned a slot on the Polkadot parachain auctions and was officially launched on Jan 17.
Astar aims to develop the world’s first protocol, which supports two of the biggest virtual machines on the Polkadot parachain: Ethereum Virtual Machine (EVM) and WebAssembly (WASM). However, EVM is currently dominant on the protocol, and WASM will be activated with time.
Capital to be used for development
The capital raised by Astar from the funding led by Polychain will be used for hiring new members to the team and improving the multichain capabilities of the protocol. Moreover, the team is working with Parity blockchain in order to push its WASM integration. It is also to be noted that the team is working on a Cosmos bridge while 2 Ethereum bridges are live.Speaking on the growth of Astar, Sota Watanabe, founder of the Network added:
“Astar will be the only parachain supporting both virtual machines and at the same time also make them interoperable with each other.”The Polkadot network has an important function with its parachain features. Like Astar, a number of protocols like Moonbeam and Acala also won their respective slot auctions in December. One of the most notable events related to crypto was the Polkadot parachain auctions, as 2021 ended with a bang for the crypto space.
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