Arrington Capital, a crypto investment firm with more than $1.6 billion in assets under its management, is Polkadot’s EVM-compliant Moonbeam (GLMR) has partnered with the Moonbeam Foundation to launch a new $100 million ecosystem fund for its parachain.
Arrington’s Moonbeam Growth Fund will fund startups and protocols in the Moonbeam network targeting a wide range of industries, including decentralized finance (DeFi), marketplaces, non-fungible tokens (NFTs) and gaming. The fund has already allocated capital to two projects that have not yet been announced.
moonbeam
Alright What is moonbeam? Monbeam (GLMR) is a smart contract platform that runs on the Polkadot parachain and is compatible with the Ethereum Virtual Machine (EVM). Moonbeam is a platform that makes it easy to use popular Ethereum developer tools to build or redistribute Solidity projects in a substrate-based environment.
Moonbeam is much more than just an EVM application: it is a highly specialized parachain that mirrors Ethereum’s Web3 RPC, accounts, keys, subscriptions, logs and more. The project also goes beyond the core features of Ethereum by offering staking, on-chain governance, and cross-chain integrations.
Launched in January, Moonbeam has 100 projects currently live or in preparation for launch. According to the network, Moonbeam users completed more than 6.5 million transactions in the first five months, and developers deployed more than 5,000 smart contracts.
Moonbeam, an Ethereum-compatible parachain, enables secure cross-chain interoperability without the use of bridges. Developers can easily migrate existing smart contracts between blockchains and create native multi-chain decentralized applications (dapps).
Arrington Capital has shown interest in this altcoin before.
Arrington Capital participated in Moonbeam’s $1.4 million funding round in 2020 and a $6 million strategic equity round last year.
“Moonbeam has gained significant momentum as a new Tier-1 protocol and provides a necessary spark for overall multi-chain movement, a trend we are seeing in our portfolio,” said Michael Arrington, Arrington Capital co-founder and partner in the press release.
Michael Arrington, founder of TechCrunch and CrunchBase, co-founded Arrington Capital in 2017 with TechCrunch CEO Heather Harde. The venture capital firm also offers its flagship Arrington XRP Capital fund and the $100 million Arrington Algorand Growth Fund.
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