In a significant stride towards advancing Web3 development, Pontem Network, a Web3 developer platform, has successfully raised $6 million in a funding round co-led by Lightspeed Faction and Lightspeed Venture Partners. This round saw participation from influential backers including Pantera Capital, Aptos Foundation, Wintermute, Altonomy, Shima Capital, and Kraken Ventures.
Unveiling Pontem- Pioneering Move Virtual Machine Products
Pontem Network focuses on providing a platform for Web3 developers, and this funding round aims to bolster the development of Move Virtual Machine (VM) Products on EVM-compatible blockchains. The Move VM enables developers to create applications that are compatible with both Move and EVM, fostering the launch of new user-friendly and developer-friendly products.
Backed by Industry Titans
The fundraising round was backed by a notable lineup of investors, including Lightspeed Venture Partners, Faction, Pantera Capital, Aptos Foundation, Wintermute, Altonomy, Shima Capital, and Kraken Ventures. This diverse support underscores the industry’s recognition of Pontem’s potential in shaping the future of Web3 development.
Strategic Use of Funds
Pontem has outlined a clear plan for the utilization of the freshly secured funds. The primary focus is on accelerating the development of Move VM Products on EVM-compatible blockchains, allowing developers to leverage the unique capabilities of the Move VM for enhanced applications. Additionally, the funds will facilitate the launch of the new Move L2 Lumio, an Optimistic rollup on the Ethereum network.
Enabling Mass Adoption with Move and Aptos
Pontem’s existing products on Aptos, including the Pontem Wallet and Liquidswap DEX, have already gained significant traction, with 40,000 weekly active users and up to $1 million in daily volume. The influx of funds will further empower Pontem to expand beyond Aptos and Sui, providing a programming language that supports security and scalability for mass adoption.
Conclusion
Pontem‘s successful funding rounds reflect its commitment to advancing Web3 innovation. The company envisions a future where developers can seamlessly build on both Move and EVM-compatible blockchains, fostering a decentralized web with enhanced security and scalability.
FAQs
Q1. What is Move Virtual Machine, and how does it benefit developers?
Move Virtual Machine (VM) allows developers to create applications that are both Move and EVM-compatible, expanding their capabilities and enabling the launch of user-friendly products.
Q2. How will Pontem utilize the funds to benefit the industry?
The funds will be used to accelerate Move VM Product development, empowering developers with a programming language for enhanced features. Additionally, the funds will facilitate the launch of the Move L2 Lumio, an Optimistic rollup on Ethereum.
Q3. How successful are Pontem’s existing products on Aptos?
Pontem’s existing products on Aptos, including the Pontem Wallet and Liquidswap DEX, have gained significant traction, boasting 40,000 weekly active users and up to $1 million in daily volume.
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