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PureStake Closes $6M Funding Round For Moonbeam Network

PureStake Closes $6M Funding Round For Moonbeam
  • PureStake completed a $6 million funding round for Moonbeam Network.
  • The funding round was led by CoinFund.
  • The Moonbeam network is set to launch sometime in Q3 2021.

PureStake just announced its $6 million round of funding for its Moonbeam smart contract platform. The funding initiative was led by CoinFund. Moreover, the network launch of Moonbeam is set to be sometime in Q3 2021.

CEO of CoinFund, Jake Brukhman said,

We are pleased to be able to support the Moonbeam team as they continue to make incredible technical progress in this space.

The funding rounds saw prominent names like Binance Labs, ParaFi, Coinbase Ventures, Fenbushi Capital, IOSG Ventures, and more. The funds gathered will go straight into prepping the Moonbeam network for its final launch in Q3 2021. This will include hiring development resources, building additional integrations and developer tools, performing third-party security audits, and establishing a market presence in Asia.

“We hope that this strategic round will be a stepping stone for Moonbeam as they work to make their Ethereum-compatible network a reality.” said Wei Zhou, Head of Binance Labs.

Notably, since its TestNet launch in September 2020, Moonbeam has grown greatly on its parachain within the Polkadot ecosystem. Furthermore, many projects have begun building on — and integrating with — the Moonbeam network. These include SushiSwap, Balancer, IDEX, Seascape, Linear Finance, and Ocean Protocol.

Meanwhile, the PureStake team aims to launch the Moonbeam network in a multi-phased approach. Therefore, with this funding round completed, the team plans to proceed with its next phase. This will include deploying third-party security audits of the code, as soon as the functionality is available.

CEO of PureStake and founder of the Moonbeam project, Derek Yoo, said that the partnerships stuck during this round of funding will help them establish the Moonbeam network as a center of activity for DeFi, NFT, and more on Polkadot.

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