Polkadot Parachain Astar Network Raises $22M From Polychain, Alameda Research

Alchemy Ventures, Animal Ventures, Crypto.com Capital and others also participated in the round.

AccessTimeIconJan 28, 2022 at 1:46 p.m. UTC
Updated Jan 28, 2022 at 5:58 p.m. UTC
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Astar Network, a parachain of the Polkadot network, received $22 million in strategic funding from crypto venture capital firms Polychain and Alameda Research.

  • Astar will use the funding for geographical expansion, the company said in a press release on Friday.
  • Other investors in the round were Alchemy Ventures, Animal Ventures, Crypto.com Capital, Digital Finance Group, GSR, Injective Protocol and Scytale Ventures, among others.
  • Astar Network is a parachain or a parallel chain of Polkadot, a framework for connecting various blockchains.
  • Polkadot’s main relay chain does not support smart contracts. Astar provides that support for smart contract developers.
  • The Astar network also allows developers to earn tokens for building smart contracts or infrastructure, which is supported by the #Build2Earn protocol and pays out in ASTR tokens.

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Brandy covers crypto-related venture capital deals for CoinDesk.