Investment

Stake Technologies is securing $ 10 million to build the DApp ecosystem for Polkadot and Kusama

Stake Technologies Inc., a provider of infrastructure for decentralized applications and Web 3.0 protocols, has raised strategic investments of $ 10 million to help build the Polkadot and Kusama ecosystems through its 100 percent Plasm and Shiden networks.

The funds will be used immediately to help Stake Technologies complete successfully offer parachuting rentalor PLO, in both Kusama and Polkadot, the company announced on Friday. The PLO Kusama will be conducted through the Shiden Network, while the Plasm Network will be dedicated to Polkadot.

Stake Technologies has adopted a “crowdloan strategy” for securing a Shiden parachain lease, which refers to one of the two primary approaches to securing a parachain slot, the second being direct sales.

The investment round was led by venture capital firm Fenbushi Capital with the participation of Hypersphere Ventures, Gumi Cryptos, IOSG Ventures, TRG Capital, AU21 Capital and others. Nobuyuki Idei, former CEO and Chairman of Sony, also participated as an angel investor.

Related: Polkadot creator Gavin Wood proposes on June 15 for the first auction with a Kusama parachute

“The goal of Plasm Network and its cousin Shiden is to be multi-chain nodes DApp Polkadot and Kusama,” said Stake Technologies. “These two networks will become a gateway to assets across the chain from other networks, tier two platforms and parachines.”

“A multi-blockchain approach means that Plasm and Shiden will be a key contributor to the overall parachain ecosystem, and their scaling work will benefit each future parachain,” said Jack Platts, a partner in Hypersphere Ventures that participated in the funding round.

The highly anticipated Kusama skydiver auction could have its first winner later this month if the Kusama Council approves a tentative schedule published earlier this week by the creator Gavin Wood. According to Cointelegraph, Kusama was ready to host skydivers from May, with developers convinced that all technical barriers have been removed.


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