CMS Trading leads $1.3 million fundraise for Ethereum-Polkadot bridge

CMS Trading leads $1.3 million fundraise for Ethereum-Polkadot bridge
HeadlinesNewsCMS Trading leads $1.3 million fundraise for Ethereum-Polkadot bridge

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CMS Trading leads $1.3 million fundraise for Ethereum-Polkadot bridge

The Block3 months ago
Published on January 27, 2021 08:21 GMT+0edited on January 27, 2021 08:29 GMT+0

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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 …