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.
The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups. As part of their compensation, certain CoinDesk employees, including editorial employees, may receive exposure to DCG equity in the form of stock appreciation rights, which vest over a multi-year period. CoinDesk journalists are not allowed to purchase stock outright in DCG.
Learn more about Consensus 2023, 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.