Stake Technologies Inc., the parent company of Plasm Network and Shiden Network, has raised $10 million in strategic investments to help build out the Polkadot and Kusama ecosystems.
It has been reported that the funds will be immediately deployed to help Stake Technologies complete a successful parachain lease offering (PLO) both on Kusama and Polkadot.
However, the Kusama PLO will be conducted through the Shiden Network parachain, while Plasm Network will be dedicated to Polkadot. Stake Technologies has adopted a “crowdloan-centric strategy” for securing the Shiden parachain lease, which refers to one of two primary approaches for securing a parachain slot, the other being direct sales.
The report said that the investment round was led by venture capital firm Fenbushi Capital, with participation from Hypersphere Ventures, Gumi Cryptos, IOSG Ventures, TRG Capital, AU21 Capital, and others. Nobuyuki Idei, former CEO and chairman of Sony, also participated as an angel investor.
Stake Technologies said:
“The Plasm Network, and its cousin Shiden, aim to be the multi-chain DApp hubs of Polkadot and Kusama. The two networks will become the gateway for cross-chain assets from other networks, layer-two platforms and parachains.”
Jack Platts, the partner at Hypersphere Ventures, said:
“The multi-blockchain approach means that Plasm and Shiden will be key contributions to the overall parachain ecosystem, with their work on scaling benefiting every other future parachain.”
Thus, the highly anticipated Kusama parachain auction could have its first winner later this month should the Kusama Council approve a tentative schedule published last week by creator Gavin Wood.