KR1, a cryptocurrency and blockchain asset investment company, today announced that it has invested a total of USD $100,000 in the Moonbeam Network project. KR1 took part in Moonbeam’s seed funding round alongside Hypersphere Capital and HashKey Group and will receive a yet-to-be-determined amount of Glimmer (GLMR) tokens that will power Moonbeam’s blockchain.
Moonbeam is an Ethereum compatible smart contract platform on the Polkadot network and is a new, powerful, scalable blockchain that makes it easy to build interoperable decentralized applications (dApps) that can integrate and run in parallel with other blockchains, including Ethereum and Bitcoin. The Ethereum compatibility allows developers to deploy existing Ethereum smart contracts to Moonbeam with minimal changes. As a Polkadot ‘Parachain’, Moonbeam will benefit from the shared security of Polkadot and integrations with other chains that are connected to Polkadot.
Moonbeam is being led by Derek Yoo and his experienced team at PureStake, who provide the protocol implementation for Moonbeam. The project is currently in active development and is expected to reach mainnet by mid-2021.
Derek Yoo, CEO of PureStake and Founder of Moonbeam, commented:
“KR1 has a strong track record of investing in Web3 technology that moves the industry forward, from Ethereum and Polkadot’s early days to the DAOs and DeFi platforms emerging today. We’re happy to join their portfolio of investments and welcome their valuable insight as we continue to build and grow the Moonbeam smart contract platform to deliver Ethereum interoperability and compatibility with Polkadot.”
Keld van Schreven, Managing Director and Co-Founder of KR1, commented:
“We’ve seen incredible growth in smart contracts on Ethereum and now, with the launch of Moonbeam, we expect to see high growth rates and developer engagement. Moonbeam represents the best of all the learning of Ethereum smart contracts on a super quick secure blockchain built within Polkadot. The potential for powerful new types of new DeFi applications and services is really limitless. Derek is an experienced hand steering the ship and we have great faith in him and his team.”