BlocksInform
Brandy Betz
Brandy covers crypto-related venture capital deals for CoinDesk.
Crypto investment firm Arrington Capital, which has more than $1.6 billion in assets under management, has partnered with the Moonbeam Foundation for a new $100 million ecosystem fund for Polkadot’s EVM-compatible Moonbeam parachain.
The fund arrington moonbeam growth will finance new businesses and new protocols on the moonbeam net, aimed at a wide range of verticals, including decentralized finance (challenge), marketplaces, non fungible chips (nfts) and games. The fund has already made investments in two undisclosed projects.
Moonbeam launched in January and currently has 100 projects under way or under preparation. In the first five months, moonbeam users made more than 6.5 million transactions and developers rolled out more than 5,000 smart deals, depending on the network.
As a parachain compatible with Ethereum, moonbeam allows secure interoperability between chains without the use of bridges. Developers can build multi-channel, decentralized native applications (dapps) and easily transfer existing intelligent contracts across blockchains.
Arrington Capital participated in a $1.4 million round of financing for Moonbeam in 2020 and a $6 million strategic fundraising event last year.
'moonbeam has gained much ground as a new layer 1 protocol and provides a necessary spark for multi-chain movement, a trend we see throughout our portfolio," said michael arrington, co-founder and partner of arrington capital, in the news release.
The founder of techcrunch and crunchbase, Arrington, with techcrunch CEO heather hard, established arrington capital in 2017. The venture capital company also provides the flagship fund arrington xrp capital and the fund arrington algorand growth $100 million.
Last month, the company scrubbed a new $100 million fund from its website that was tied to the Terra yield-generating protocol Anchor, which took major losses due to the crisis-stricken USD stablecoin. Arrington told Coindesk it was due to a reduced demand.
