Take a look at our Seed Financing Program for Moonbeam
We just announced a Seed Financing Round for our project, Moonbeam. This round was $1.4 million and came from some of the top venture capital firms in blockchain. This is a significant milestone for us. However, I would like to briefly explain how it fits into our overall vision of the project.
Since the beginning of the year when the project was launched, we have learned a lot. We have also been able to finance many Moonbeam-related projects ourselves. We have made significant progress in development, including our collaborations with Parity to implement the Ethereum compatibility features of Frontier, based on a grant by the Web3 Foundation. Now we know what it takes to launch the network.
How we’ll use the funds
We require additional resources in many areas including marketing, engineering, ecosystem development and other crypto-specialized skills. The funds will be used to hire additional Substrate and Rust engineers as well as Solidity engineers to assist us in achieving our vision of Moonbeam.
We will also be looking for additional resources to help us expand the Moonbeam community and ecosystem. We should not forget about the legal counsel, security audits and other services that are necessary to launch our network safely.
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How we choose our investment partners
Since the start of the year, we started the project, I spoke to many investors. Our investment partners share a common thread: we had an early connection and engagement, as well as a good knowledge (and interest) in Polkadot. Even before Polkadot launched, these investors believed in us.
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We were very conscious of the importance of aligning around a long-term vision rather than a short-term one. We didn’t want to work with anyone who was unwilling to commit to longer periods of time or wanted to be able to leave quickly.
It was important to have a strategic alignment within the Polkadot community. This is why Hypersphere was chosen as a partner. With the support of Arrington XRP and Hashkey, KR1, Du Capital and Bitcoin.com Exchange, we have a strong group of strategic investors who can help us move the project forward.
Our Anchor Partners
Apart from investors, I have also been speaking to many projects over the past few months, both existing Ethereum-based and net-new Polkadot projects.
Two initial partnerships were announced along with our funding: Bet Protocol, and Linear Finance. These will be used to build and deploy to Moonbeam. We are also involved in many other projects that explore Moonbeam-based deployments.
According to the conversations I’ve had, it is clear that Moonbeam fulfills an important need within the Polkadot ecosystem. There is a lot interest in Polkadot. For some teams, building a Substrate based parachain is the best solution. Moonbeam-based DApps are a better option for other teams. They minimize the codebase changes and give them access to all the assets and users on Polkadot.
Looking forward: Building the Moonbeam community
The growth of our community has been overwhelming. There are many people in our community who want to purchase Glimmer tokens (GLMR). We are looking for ways to get tokens into the hands and distribute tokens widely, starting with Kusama’s network deployment.
Priority number one is to grow the Moonbeam engineering and support team so that we can fulfill our vision. We will be hard at work to develop our token distribution plans for the Kusama deployments and Polkadot deployments.
This seed funding event is a significant milestone for the project. Without your support, it would not have been possible. We are grateful to our partners, investors, partners, Parity, Polkadot ecosystem and all those in our community who helped us reach this point. The funds will be used to keep Moonbeam moving forward in a steady march towards our Kusama deployment and our Polkadot deployment.