April 9, 2021 — ParaState, a multi-chain smart contract platform that extends the frontier of Ethereum using the Substrate framework, is thrilled to announce the successful close of a $5-million strategic fundraising round led by KNS Group, along with a contribution from Alameda Ventures. ParaState provides developers with a next-generation smart contract virtual machine to make any Substrate-based blockchain Ethereum-compatible while taking full advantage of the modern WebAssembly ecosystem.
Other prominent backers contributing to the round include Signum Capital, HyperChain Capital, BiXin Ventures, Genesis Block Ventures, Inclusion Capital, Gate.io Labs, ZMT Capital, Polkastarter, DAO Maker, DuckDAO, Moonwhale Ventures, Chronos Ventures, Master Ventures, Lotus Capital, Momentum6, Taureon, GenBlock Capital, DDC, Blocksync Ventures, GFS Ventures, Gainz Associates, Titans Ventures, 4SV, WWG, 1Cap, Paka, PNYX, Exstvc and AKG Ventures. Seed round investors CMS Holdings and SevenX Ventures extended their support in this round.
The proceeds from this round will be used to expand the ParaState development and the incubation of leading decentralized finance projects.
ParaState is building Ethereum on steroids — Substrate + Ethereum
Substrate-based blockchains are popular because the framework provides the scalability and interoperability required for next-gen Web 3.0 platform deployments. With ParaState’s Pallet SSVM, any blockchain can become Ethereum-compatible while taking full advantage of the best-performing WebAssembly ecosystem optimized for Web 3.0. Rather than try and reinvent the built environment, over 100 projects are already building blockchains and decentralized applications on the Substrate framework for Polkadot and other interoperable ecosystems using ParaState’s one-stop friendly development environment.
Known as Ethereum on steroids, ParaState is a multi-chain smart contract platform bridging the application and developer ecosystem between Polkadot, Substrate and Ethereum, as well as other chains wanting to provide Ethereum compatibilities. While supporting the EVM pallet to provide seamless compatibility with all existing Ethereum applications, ParaState also provides developers with a next-gen smart contract implementation environment, Ethereum-flavored WebAssembly. These two infrastructures are ensured to talk to each other and share the same account system on ParaState.
“ParaState is built on Substrate that drives better efficiency, higher scalability and is cheaper at the same time. ParaState is going to provide a very strong bridge between Ethereum and Polkadot, which will merge two of the leading blockchain infrastructures. Smart contracts that can be built on one (Ethereum) and run on another (Polkadot) while focusing on the user experience by providing 20+ languages to optimize the developer experience is a recipe destined to succeed.”
— Dilip Chugani, chairman of KNS Group
ParaState has officially launched its public testnet, Plato, currently running as a standalone Substrate blockchain. Plato is the first production-ready public testnet featuring both EVM and EWASM. By supporting 20+ programming languages to create Ethereum-compatible smart contracts, ParaState is uniting a larger developer community to boost cross-chain interoperability and enabling them to surf in the highly optimized industrial standard infrastructure while exploring brand new possibilities at the Ethereum frontier. ParaState is prioritizing and emphasizing fast execution and delivery of novel research on production while committing to radical transparency and open-source values on our development journey.
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