Stake Technologies Inc., an infrastructure provider for decentralized applications and Web 3.0 protocols, has raised $ 10 million in strategic investments to help develop the Polkadot and Kusama ecosystems through its wholly-owned Plasm and Shiden networks.
The funds will immediately be deployed to help Stake Technologies complete a Parachain rental offer, or PLO, on both Kusama and Polkadot, the company said on Friday. The Kusama PLO will take place via the parachaine Shiden Network, while the Plasm Network will be dedicated to Polkadot.
Stake Technologies has adopted a “crowdloan centric strategy” to secure Shiden’s parachain lease, which refers to one of the two main approaches to securing a parachain slot – the other being direct selling.
The investment round was led by venture capital firm Fenbushi Capital, with participation from Hypersphere Ventures, Gumi Cryptos, IOSG Ventures, TRG Capital, AU21 Capital and others. Nobuyuki Idei, the former CEO and Chairman of Sony, also participated as an angel investor.
Related: Polkadot creator Gavin Wood offers on June 15 for the first Kusama parachain auction.
“The Plasm Network, and its cousin Shiden, aim to be Polkadot and Kusama’s multi-channel DApp hubs,” Stake Technologies said. “The two networks will become the gateway for the cross-chain assets of other networks, the layer two platforms and the parchains.”
“The multi-blockchain approach means that Plasm and Shiden will be key contributions to the overall parachain ecosystem, with their scaling work benefiting all other future parachains,” said Jack Platts, partner at Hypersphere Ventures, which contributed to the roundtable.
Kusama’s highly anticipated Parachain Auction could have its first winner later this month if the Kusama Council approves a tentative schedule released earlier this week by creator Gavin Wood. As UKTN reported, Kusama has been ready to host parachains since May, with the developers confident that all technical hurdles have been lifted.