Cryptocurrency News

Stake Technologies Secures $10M to Build Dapp Ecosystem for Polkadot and Kusama

Stake Technologies Inc., an infrastructure provider for decentralized applications and the Web 3.0 protocol, has raised $10 million in strategic investment to help build the Polkadot and Kusama ecosystems through its wholly owned Plasm and Shiden Networks.

Funds will be deployed immediately to help Stake Technologies successfully complete Parachain Lease Offering, or PLO, on both Kusama and Polkadot, the company announced Friday. The Kusma PLO will be operated through the Shiden network Parachain, while the Plasm network will be dedicated to Polkadot.

Stake Technologies has adopted a “crowdloan-focused strategy” to acquire Shiden Parachain leases, which refers to one of two primary methods for securing parachain slots – the other being direct selling.

The investment round was led by venture capital firm Fenbushi Capital, with participation from Hypersphere Ventures, Gumi Cryptos, IOsG Ventures, TRG Capital, AU21 Capital and others. Former Sony CEO and President Nobuyuki Idei also participated as an angel investor.

related: Polkadot creator Gavin Wood proposes June 15 for first Kusama Parachain auction.

“The Plasm Network and its cousin Shiden aim to become the multi-chain dApp hub of Polkadot and Kusama,” Stake Technologies said. “The two networks will become gateways for cross-chain assets from other networks, layer-two platforms and Parachain.”

“The multi-blockchain approach means that Plasm and Shiden will make a significant contribution to the overall Parachain ecosystem, with their work to benefit every other Parachain in the future,” said Jack Platts, Partner at Hypersphere Ventures.

The much-anticipated Kusama Parachain auction could have its first winner later this month if the Kusama Council approves a tentative schedule published earlier this week by producer Gavin Wood. As Cointelegraph reported, Kusma is Ready to host Parachines from May, developers are confident that all technical hurdles have been removed.