Crypto investment firm Arrington Capital has set up a new $100 million ecosystem fund for Polkadot’s Ethereum Virtual Machine (EVM) compatible Moonbeam parachain. He collaborated with the Moonbeam Foundation for this partnership. Moonbeam is the creation behind altcoin project GLMR. Here are the details…
Arrington Capital created $100 million ecosystem fund
The Arrington Moonbeam Growth Fund is a new addition to the Moonbeam network targeting a wide variety of segments including decentralized finance (DeFi), NFT marketplaces and gaming. will finance companies and protocols. The fund has distributed capital to two projects that have not yet been announced. Moonbeam hit the markets in January and currently has over 100 projects released or in preparation for launch. According to the network, in the first five months, Moonbeam users completed more than 6.5 million transactions, and developers deployed more than 5,000 smart contracts. As we have also reported as
Kriptokoin.com, Moonbeam as an Ethereum compatible parachain; Provides secure cross-chain interoperability without the use of bridges. Developers can create native multi-chain decentralized applications (dapps). It can easily move existing smart contracts between Blockchains. Arrington Capital participated in a $1.4 million funding round for Moonbeam in 2020. He was also at the $6 million strategic capital raising event last year.
Brief about Moonbeam behind altcoin GLMR
TechCrunch and CrunchBase founder Michael Arrington founded Arrington Capital in 2017 with TechCrunch CEO Heather Harde. The company also offers the Arrington XRP Capital fund and the $100 million Arrington Algorand Growth Fund. Arrington Capital co-founder and partner Michael Arrington used the following statements in the press release:
Moonbeam has gained significant momentum as a new layer-1 protocol. It provides a necessary spark for the broader multi-chain movement, a trend we’ve seen across our portfolio.
Moonbeam is a smart contract platform that prioritizes secure cross-chain interoperability. It is on Polkadot and is fully Ethereum compatible. As a leading Web3 development platform, Moonbeam enables developers to build native multi-chain DApps. It also allows it to migrate existing smart contracts across chains with ease. It offers rich integration and decentralized solutions. Moonbeam natively supports existing ERC-20 assets to help expand a project’s reach into a multi-chain ecosystem. The network’s native token, GLMR, is currently trading at $1.28, up 0.2 percent. The cryptocurrency, with a market cap of $356 million, gained 3.4 percent last week. However, on a monthly basis, it experienced a decrease of close to 30 percent.
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