94 Interactions, 2 today
Plasm Network and Shiden Network’s parent firm has focused development activities based on Polkadot and Kusama. Over a dozen venture firms and numerous additional angel investors backed the startup.
Stake Technologies Inc., a supplier of infrastructure for decentralised apps and Web 3.0 protocols, has secured $10 million in strategic investments to aid in the development of the Polkadot and Kusama ecosystems via its fully owned Plasm and Shiden networks.
The cash will be used immediately to assist Stake Technologies in completing a successful parachain lease offering, or PLO, on both Kusama and Polkadot, the business stated on Friday. The Kusama PLO will take place on the Shiden Network, while the Plasm Network will be dedicated to Polkadot.
Stake Technologies has used a “crowdloan-centric strategy” to get the Shiden parachain lease, which is one of two key methods for acquiring a parachain slot, the other being direct sales.
Fenbushi Capital led the financing round, which included Hypersphere Ventures, Gumi Cryptos, IOSG Ventures, TRG Capital, AU21 Capital, and others. Former Sony CEO and Chairman Nobuyuki Idei also engaged as an angel investor.
“The Plasm Network, and its cousin Shiden, aim to be the multi-chain DApp hubs of Polkadot and Kusama,” Stake Technologies said. “The two networks will become the gateway for cross-chain assets from other networks, layer-two platforms and parachains.”
“The multi-blockchain approach means that Plasm and Shiden will be key contributions to the overall parachain ecosystem, with their work on scaling benefiting every other future parachain,” said Jack Platts, partner at Hypersphere Ventures, which contributed to the funding round.
If the Kusama Council approves a proposed timeline provided earlier this week by inventor Gavin Wood, the highly anticipated Kusama parachain auction might have its first winner later this month. As previously reported by Cointelegraph, Kusama has been ready to host parachains since May, with developers convinced that all technical difficulties have been overcome.