Over $10 million secured by Stake Technologies for building Dapp for Polkadot and Kusama


TL;DR Breakdown

  • Development initiatives are being put up on Polkadot and Kusama.
  • Stake Technologies have raised around $10 million in investment.
  • The money will be used to complete a PLO on these blockchains.

Stake Technologies Inc. is the parent company of Shiden Network and Plasm Network. Stake Technologies is best known for providing infrastructures for various decentralized applications and related projects. In a recent investment event, the company received support from angel investors and venture organizations. This investment raised around $10 million, a huge amount that will be used in the company’s new development project.

The company also deals in the completion of Web 3.0 protocols and therefore, has various projects in the same. The recent project of Stake Technologies is to provide aid in the building and development of Kusama and Polkadot blockchains. These blockchains have a lot of potential and the company seeks to extract their potential to the fullest.

The development plan Stake Technologies

The development plant of Stake technologies was initiated when the deal for $10 million was sealed. The Polkadot and Kusama chains need development and they operate on the Plasm Network and Shiden Network. These networks are fully under the ownership of Stake Technologies. Therefore, the development step would be to successfully implement and complete the PLO or Parachain Lease Offering on Polkadot as well as Kusama.

The PLO is comprised of two things which are the Parachain Slots Auction along with Parachain Crowdloans. The Parachain Lease Offering for Kusama will be done by the Shiden network while the Parachain Lease Offering for Polkadot will be done by the Plasm Network. Both of these networks are under Stake Technologies. This will be done with the help of the investment that was raised by the company. Stake Technologies has used the crowdloan-centric approach rather than direct sales in order to implement the Parachain Lease of Shiden Network.

The round for investment was under the management of Fenbushi Capital and included the participation of organizations like Gumi Cryptos, TRG Capital, Hypersphere Ventures, and many others. Talking about angel investors, Sony’s ex-CEO and Chairman Nobuyuki Idei was also present.

The goal is the creation of multiple chain Dapps with Shiden and Plasm being the hub of the entire process. The development of Kusama and Polkadot will provide a way for the development of all the future decentralized parachains. The plan is to concentrate on the benefits of scaling and make contributions to the entire parachain ecosystem.

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Parth Dubey

A writer, an author, a freelancer with writings in over 50+ niches, an editor, a proofreader, a music enthusiast, a YouTuber, a podcaster, and someone, who puts consistent efforts each day to make sure his creativity is noticed. What's more? I love cryptocurrencies.

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