PureStake Raises $6M From Binance Labs, Coinbase Ventures

PureStake's Moonbeam parachain launched its testnet in September as part of the Polkadot ecosystem.

AccessTimeIconMar 30, 2021 at 12:04 p.m. UTC
Updated Aug 19, 2021 at 8:26 a.m. UTC

Presented By Icon

Election 2024 coverage presented by

Stand with crypto

PureStake, a company that builds blockchain infrastructure for proof-of-stake networks, has raised $6 million in a funding round led by investment firm CoinFund, and supported by Binance Labs, the incubation and seed funding arm of the world’s largest crypto exchange.

Coinbase Venture, ParaFi, Fenbushi Capital, IOSG Ventures, Divergence Ventures, Signum Capital and others also participated in the round.

  • Bitcoin Mining in the U.S. Will Become 'a Lot More Decentralized': Core Scientific CEO
    13:18
    Bitcoin Mining in the U.S. Will Become 'a Lot More Decentralized': Core Scientific CEO
  • Binance to Discontinue Its Nigerian Naira Services After Government Scrutiny
    05:10
    Binance to Discontinue Its Nigerian Naira Services After Government Scrutiny
  • The first video of the year 2024
    04:07
    The first video of the year 2024
  • The last regression video of the year 3.67.0
    40:07
    The last regression video of the year 3.67.0
  • The company said the funding will be used to launch the Moonbeam network later this year on mainnet, hire new staff, build developer tools, perform third-party security audits and expand its operations in Asia. 

    PureStake's Moonbeam parachain launched its testnet in September 2020 as part of the Polkadot ecosystem. Since then, it has formed the foundation for many new projects that have have begun to build on its network or have planned integrations with it, such as SushiSwap, Balancer, IDEX and Ocean Protocol.

    In an interview with CoinDesk, Austin Barack, senior investment analyst at CoinFund, praised what he called the Moonbeam network’s strong Ethereum compatibility.

    “Applications that are built on Ethereum can be deployed in parallel onto Moonbeam without having to reconfigure their code, and from there they have interoperability into the entire Polkadot ecosystem where they can benefit from fast transaction times and low transaction costs, but also connectivity to all of the other applications built on Moonbeam and other parachains within the broader Polkadot network,” said Barack.

    Disclosure

    Please note that our privacy policy, terms of use, cookies, and do not sell my personal information have been updated.

    CoinDesk is an award-winning media outlet that covers the cryptocurrency industry. Its journalists abide by a strict set of editorial policies. CoinDesk has adopted a set of principles aimed at ensuring the integrity, editorial independence and freedom from bias of its publications. CoinDesk is part of the Bullish group, which owns and invests in digital asset businesses and digital assets. CoinDesk employees, including journalists, may receive Bullish group equity-based compensation. Bullish was incubated by technology investor Block.one.


    Learn more about Consensus 2024, CoinDesk's longest-running and most influential event that brings together all sides of crypto, blockchain and Web3. Head to consensus.coindesk.com to register and buy your pass now.