Seed funding has been raised for a dapp for the planned Diem blockchain, totalling $4.5 million.

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Delphi Ventures, Collider Ventures, Alameda Ventures, Skynet Trading, and Animoca Brands are among the noteworthy investors in Pontem Network. Kenetic and Mechanism Labs co-led the financing round, which attracted over 30 investors.

Pontem Network, a decentralised platform that aims to connect Facebook’s Diem to public blockchains such as Ethereum (ETH), has secured $4.5 million in initial funding, paving the way for the ambitious digital currency project’s continuing development.

 

The Pontem Network is a Polkadot Substrate-based chain, which implies it may function as a testnet for Facebook’s Diem blockchain. Pontem may educate developers to Diem’s potential by leveraging a Polkadot parachain, allowing them to evaluate their ideas before presenting them to the Diem Association.

Stas Oskin, co-founder of Pontem, stated that his platform’s objective is to “allow developers to build for Diem while also enjoying the liquidity, data, and user base of Polkadot.”

 

Jehan Chu, co-founder and managing partner of Kinetic Capital, one of Pontem’s backers, said:

“Pontem is an audacious project in that it not only creates a testing ground for Diem, possibly the largest and most adopted blockchain project in the world, but also an active proving ground for new protocols and communities.”

Pontem also announced its intent to hire new talent to continue scaling the project. The company recently recruited Alejo Pinto, formerly of BlockFi, for the role of chief growth officer. He said:

“Pontem’s vision of a decentralized framework for Facebook’s crypto project will ensure that the bureaucracy of a permissioned blockchain system doesn’t hinder innovation in our goal towards financial inclusion.”

Diem Association, which is supported by Facebook, is apparently planning to launch a stablecoin test later this year. The pilot, as previously reported by Cointelegraph, revolves around a stablecoin backed by the United States.

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Diem is said to be a scaled-down version of an original cryptocurrency idea presented by Facebook in 2019. Diem was renamed from Libra in late 2020, indicating the project’s departure from its prior affiliations.

 

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