Astar Network secures $22M in latest fundraise, Crypto.com invests

Astar Network, a public blockchain from Japan and winner of Polkadot’s third parachain auction, has raised $22 million in its latest strategic round led by Polychain Capital, the protocol announced today.

Amazing news!! We are excited to announce a $22M fundraise with participation from @polychain, Dr. Gavin Wood, @AlamedaResearch, @AlchemyPlatform, @cryptocom, and other great investors.

We will create a multi-chain smart contract hub and Web3.0https://t.co/sNgecVsslS

— Astar Network – Multichain Smart Contract Hub (@AstarNetwork) January 28, 2022

In addition to Polychain, major crypto companies such as Alameda Research, Alchemy Ventures, Animal Ventures, Crypto.com Capital, Digital Finance Group, and angel investors, including Dr. Gavin Wood, Richard Ma, Keisuke Honda, participated in the fundraiser.

In December last year, Astar Network became the third winner of Polkadot’s parachain auction after collecting more than 10 million DOTs during the auction period. After two and a half years of development, Astar launched its mainnet on January 17 this year.

With the latest funds, the network plans to become a “multichain smart contract hub by connecting multiple L1 chains and supporting multiple smart contract virtual machines.” It is also known for introducing B2E (Build to Earn), which gives incentives to Dapps developers.

Ben Perszyk, Partner at Polychain Capital, said in the announcement:

“The project’s focus on including additional WASM-compiling languages in their EVM’s compatibility should help attract development in many more programming languages, and their dApp staking platform represents an innovative new approach to bootstrapping and funding an emergent ecosystem.”

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