ParaState — a project that offers Ethereum developers access to the Polkadot blockchain — has raised $1.3 million in a seed fundraising round, the firm told The Block.
Led by CMS Trading, the funding round included participation from Kenetic Capital, FBG Capital, and JRR Capital, according to a press statement. The firm raised at a $12 million valuation.
In essence, ParaState provides Ethereum apps and smart contracts an on-ramp onto the Polkadot blockchain. "We aim to bridge the application and developer ecosystem between Ethereum and Polkadot," the firm's co-founder Marco Chen described.
ParaState said it had originally targeted a $1.2 million round but oversubscribed by $100,000. The firm said the funds will be used to expand its team and launch its mainnet.
The funding round …