Pontem Community, a decentralized software that seeks to attach Fb’s Diem to public blockchains like Ethereum (ETH), has raised $4.5 million in see
Pontem Community, a decentralized software that seeks to attach Fb’s Diem to public blockchains like Ethereum (ETH), has raised $4.5 million in seed investments, setting the stage for continued growth of the bold digital foreign money challenge.
The Pontem Community is described as a Polkadot Substrate-based chain, which suggests it could function a testnet for Fb’s Diem blockchain. By using a Polkadot parachain, Pontem can introduce builders to Diem’s potential, permitting them to validate their concepts earlier than submitting to the Diem Affiliation.
Pontem co-founder Stas Oskin stated his platform’s imaginative and prescient is to “enable builders to construct for Diem and on the identical time benefit from the liquidity, knowledge, and person base of Polkadot.”
Jehan Chu, co-founder and managing companion of Kinetic Capital, certainly one of Pontem’s backers, stated:
“Pontem is an audacious challenge in that it not solely creates a testing floor for Diem, presumably the biggest and most adopted blockchain challenge on the earth, but additionally an energetic proving floor for brand spanking new protocols and communities.”
Pontem additionally introduced its intent to rent new expertise to proceed scaling the challenge. The corporate just lately recruited Alejo Pinto, previously of BlockFi, for the position of chief progress officer. He stated:
“Pontem’s imaginative and prescient of a decentralized framework for Fb’s crypto challenge will be sure that the forms of a permissioned blockchain system doesn’t hinder innovation in our aim in the direction of monetary inclusion.”
The Fb-backed Diem Affiliation is reportedly set to launch its stablecoin pilot later this 12 months. As Cointelegraph beforehand reported, the pilot facilities round a United States-backed stablecoin.
Diem is taken into account to be a scaled-back model of an unique cryptocurrency challenge that was first launched by Fb in 2019. Diem rebranded from Libra in late 2020, denoting the challenge’s recent begin from its earlier associations.