Stake Technologies secures $10M to build dapp ecosystem for Polkadot and Kusama
June 11, 2021. Summarized by summa-bot.
Compression ratio: 39.1%. 1 min read.
The funds will be used to help Stake Technologies' subsidiaries complete successful Parachain Lease Offerings on Polkadot and Kusama.
Stake Technologies Inc. , an infrastructure provider for decentralized applications and Web 3. 0 protocols, has raised $10 million in strategic investments to help build out the Polkadot and Kusama ecosystems through its wholly-owned Plasm and Shiden networks.
The Kusama PLO will be conducted through the Shiden Network parachain, while Plasm Network will be dedicated to Polkadot.
“The Plasm Network, and its cousin Shiden, aim to be the multi-chain DApp hubs of Polkadot and Kusama,” Stake Technologies said.
“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.