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

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

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

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

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

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

By Brandy Betz
AccessTimeIconJan 28, 2022, 1:46 PM
Updated May 11, 2023, 3:59 PM
An installation in Berlin, Germany, by the Polkadot-inspired artist Yayoi Kusama. (Adam Berry/Getty Images)
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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 Betz

Brandy covered crypto-related venture capital deals for CoinDesk.

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