The fund will be launched in collaboration with the Moonbeam Foundation and will support projects and protocols built on Polkadot parachains.
Since the activation of the first parachain slots, Polkadot has become a continuously growing ecosystem. Polkadot's use cases and its Kusama testnet They keep growing, with more and more projects fighting to get one of the 100 parallel chain slots.
Because of this vitality, Polkadot is attracting the attention of crypto investment firms, such as Arrington Capital, which manages more than $1.600 billion and has recently partnered with the Moonbeam Foundation to create $100 million fund with which to finance projects that are developed on the Polkadot parallel chain, Moonbeam.
Arrington Moonbeam Growth Fund
The fund created by Arrington will be used to finance new companies and protocols that are created on the Moonbeam network, seeking create a wide range of vertical developments, including decentralized finance, marketplaces, non-fungible tokens, and also gaming.
The fund is already actively working and has invested in two undisclosed projects.
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In 2020, Arrington Capital participated in a $1,4 million funding round for Moonbeam and a $6 million strategic capital raise last year.
Michael Arrington, founding partner of the investment firm, noted that Moonbeam has positioned itself as one of the leading layer 1 protocols and provides a necessary boost to multi-chain protocols, which are becoming increasingly important in the sector.
Last week, Arrington Capital removed a $100 million fund tied to Terra’s Anchor protocol from its main website. The firm explained that the fund’s withdrawal was due to declining demand.
Moonbeam's current affairs
Moonbeam It was launched in January and currently has more than 100 projects that are underway or are beginning development, preparing for launch.
In the first five months, Moonbeam users completed over 6,5 million transactions, and developers deployed over 5.000 smart contracts on the network.
As an Ethereum-compatible parachain (EVM), Moonbeam enables secure cross-chain interoperability without the need for bridges. Developers can natively build multi-chain decentralized applications and migrate existing smart contracts from other blockchains.
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