Ponteam Network, a decentralized application that seeks to connect Facebook’s Diem to a public blockchain such as Ethereum (ETH), has raised $4.5 million in seed investment, setting the stage for the continued development of the ambitious digital currency project.
The Ponteam network is described as a Polkadot substrate-based chain, which means it could serve as a testnet for Facebook’s Diem blockchain. By using Polkadot Parachain, Ponteam can introduce developers to the potential of Diem, allowing them to validate their ideas before submitting them to the Diem Association.
Ponteam co-founder Stas Oskin said that the vision of their platform is to “allow developers to build for Diem and at the same time enjoy the liquidity, data and user base of Polkadot.”
One of Ponteam’s backers, Jehan Chu, co-founder and managing partner of Kinetic Capital, said:
“Ponteam 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.”
Ponteam also announced its intention to hire new talent to continue expanding the project. The company recently recruited Alejo Pinto, a former BlockFi executive, for the role of Chief Development Officer. He said:
“Pontem’s vision of a decentralized framework for Facebook’s crypto project will ensure that the bureaucracy of a licensed blockchain system does not hinder innovation in our pursuit of financial inclusion.”
The Facebook-backed Diem Association is reportedly set to launch its stablecoin pilot later this year. As previously reported by Cointelegraph, the pilot is centered around a US-backed stablecoin.
Diem is supposed to be a shortened version One of the original cryptocurrency projects first introduced by Facebook in 2019. Rebranded from Diem Tula The end of 2020, marks the new beginning of the project from its previous associations.