The funds will be utilized to recruit industry leaders to execute EVM and WASM, and also to support and develop Astar native ecosystem ventures.
In its most recent strategic fundraise, Astar, a multichain DApp protocol previously known as Plasm, secured $22 million.
Polychain led the investment round, which also included Alameda Research, Crypto.com Capital, Digital Finance Group, and several more angel investors. After raising the Polkadot parachain slot last December, Astar gained momentum, and the protocol was formally released on January 17.
Astar is presently focusing to become the first protocol to facilitate both the Ethereum Virtual Machine (EVM) and WebAssembly (WASM) on its Polkadot parachain. Though EVM is now in operation, the platform will soon switch to WASM.
The Astar team is collaborating with Parity Blockchain on a WASM integration. Astar facilitates several EVM and non-EVM layer-1 bridges as it is a multichain protocol. Two Ethereum bridges are now functional, with a Cosmos bridge in the process.
Sota Watanabe, the founder of Astar Network, discussed the effect of two digital machines on a single Polkadot parachain:
“Interoperability is not only a buzzword but also a reality in the Polkadot ecosystem by connecting all parachains with different virtual machines together with XCM. Astar will be the only parachain supporting both virtual machines and at the same time also make them interoperable with each other.”
The newly raised funds will be used to recruit industry-leading engineers to execute both EVM and WASM, as well as to invest in and develop Astar native ecosystem projects, according to the Astar team.
Individual blockchains working simultaneously with the Polkadot ecosystem are known as parachains. These have been in progress for 5 years and sign a discovery for cross-chain tech.