As per the latest reports, ParaState has announced that it has had a very successful funding round. The firm has revealed that the round is now closed and it has successfully managed to generate $5 million from the particular round. ParaState exists as a smart contract platform that is multi-chain in nature using Substrate framework, it extends Ethereum’s frontier.
ParaState has confirmed that the firm that led the funding round for the company is KNS Group. Apart from KNS Group, there was another firm known as Alameda Ventures that contributed to the fundraising round.
ParaState is widely popular among the users for providing a smart contract virtual machine, which is next-generation and advanced. Using the mechanism, the users can make any blockchain based on the Substrate compatible with the Ethereum network. The users can also take full advantage of the modern WebAssembly ecosystem while using the services provided by ParaState.
There were several other companies that contributed to the recent fundraiser held for ParaState.
Some of the most prominent mentions include AKG Ventures, Exstvc, PNYX, Paka, 1Cap, WWG, 4SV, Titans Ventures, Gainz Associates, GFS Ventures, Blocksync Ventures, DDC, GenBlock Capital, and Taureon.
The list also goes on with more contributors such as Momentum6, Lotus Capital, Master Ventures, Chronos Ventures, Moonwhale Ventures, DuckDAO, DAO Maker, Polkastarter, ZMT Capital, Gate.io Labs, and Inclusion Capital.
Then there are more contributors such as Genesis Block Ventures, BiXin Ventures, HyperChain Capital, and Signum Capital. ParaState has claimed that it is one of the most highly contributed fundraising rounds that the platform has ever experienced.
Furthermore, the fundraising round also saw SevenX Ventures and CMS Holdings contributing to the funding round as the seed round investors.
ParaState has revealed that the funds raised from the particular fundraiser will be used for the development of the company and expansions of its services to an entirely new level.
The funds will also be used for the incubation of the leading finance projects on the decentralized network.
The blockchain networks based on Substrate are very popular among the users for their unique framework. The framework provided by Substrate is known for providing interoperability and scalability that is needed for the deployment of the next-generation Web 3.0 platforms.
Any blockchain has the ability to become compatible with Ethereum through the Pallet SSVM mechanism supported by ParaState.
As of now, there are more than 100 projects running their services through the framework provided by Substrate. These projects are mainly using the Substrate framework to set up the new decentralized applications as well as building new blockchains.
ParaState is literally referred to as Ethereum on steroids, which is a smart contract platform for multiple chains. The platform is known for bridging the gap between different networks such as Ethereum, Substrate, and Polkadot.