Multi-chain DApp protocol Astar raises $22 million in latest round led by Polychain

Astar, a multi-chain DApp protocol formerly known as Plasm, has raised $22 million in its recent strategic fundraiser.

The funding round was led by Polychain and included participation from Alameda Research, Crypto.com Capital, Digital Finance Group and several other angel investors. Astar grew in popularity after winning Polkadot parachain slots last December and the protocol was officially launched on January 17th.

Astar is currently working to become the first protocol to support two virtual machines on its Polkadot parachain: the Ethereum Virtual Machine (EVM) and WebAssembly (WASM). Although EVM is currently active, over time the platform will transition to WASM.

Multi-chain DApp protocol Astar raises $22 million in latest round led by Polychain
Multi-chain DApp protocol Astar raises $22 million in latest round led by Polychain

The Astar team is working on the Parity blockchain to push their WASM integration. As a multi-chain protocol, Astar supports multiple EVM and non-EVM Layer 1 bridges. Nowadays, Two Ethereum bridges are active and a bridge to Cosmos is under development.

Discussing the impact of two virtual machines on a single Polkadot parachain, Sota Watanabe, founder of Astar Network said:

“Interoperability is not just a buzzword but a reality in the Polkadot ecosystem by connecting all parachains with different virtual machines using XCM. Astar will be the only parallel chain that supports both virtual machines while making them interoperable.

The Astar team said the newly raised capital would be used to hire industry-leading engineers to implement both EVM and WASM, and to invest in and nurture native Astar ecosystem projects.

Parachains in Polkadot are individual blockchains running in parallel within the Polkadot ecosystem. These have been in development for five years and mark a major advance for cross-chain technology.

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