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Polkadot Parachain Astar Network Raises $22M From Polychain, Alameda Research
Alchemy Ventures, Animal Ventures, Crypto.com Capital and others also participated in the round.
By Brandy Betz
Updated May 11, 2023, 3:59 p.m. Published Jan 28, 2022, 1:46 p.m.
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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.
Read more: Polkadot Parachains Go Live, Capping Yearslong Tech Build for Ambitious Blockchain Project
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