Arrington Capital Sets Up A $100 Million Fund To Fund Projects On Moonbeam
Arrington Capital, a crypto hedge fund with over $1.6 billion in assets under management, announced a partnership with the Moonbeam Foundation through a new $100 million ecosystem development fund for the first parachain on Polkadot is Moonbeam.
Accordingly, the fund will fund new companies and protocols that favor decentralized finance (DeFi), marketplaces, NFTs, and gaming built on the Moonbeam blockchain. The fund said it had poured capital into two projects, but did not disclose which two projects were.
Moonbeam (GLMR) was launched in January and currently has 100 active or upcoming projects. Expected to “light up” the Polkadot ecosystem in the same way that the mapping version Moonriver did, in the first 5 months, Moonbeam has reached over 6.5 million transactions and developers have deployed more than 5,000 smart contracts on the protocol.
As an Ethereum-compatible parachain, Moonbeam provides secure cross-chain capability without the use of a bridge. Developers can build native multichain decentralized applications (dApps) and easily transfer existing smart contracts on blockchains.
Arrington Capital has been with Moonbeam since day one. The fund also contributed capital to a $1.4 million funding round in 2020 and a $6 million strategic round last year.
Arrington Capital co-founder Michael Arrington said in a press release:
“Moonbeam has gained significant momentum as a new Layer 1 protocol and provides a needed spark for the larger multichain movement, a trend which we are seeing across our portfolio.”
Interestingly, last month, Arrington Capital removed its $100 million investment fund from the site. This money was originally intended to fund the Anchor project on the Terra ecosystem. However, after the historic collapse of LUNA-UST, the fund was said to have suffered a large loss, so the decision was quickly made.
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