Pontem, a crypto project aiming to be a more decentralized version Facebook’s Diem, raises a $4.5M
Summary
Pontem, the decentralized application (dapp) framework for Facebook’s Diem project raises a $4.5M seed round led by Mechanism Capital and Kenetic Capital that includes other notable funds and established crypto companies Pontem allows crypto projects to use the established ecosystems of secure networks like Ethereum, Polkadot and EOS to enable interoperation with the forthcoming Diem Blockchain. Pontem is connecting blockchains through Polkadot and aims to support additional protocols in the future to bridge crypto with Facebook’s 2.8 billion users. Using Polkadot, Applications will be able to benefit from data and liquidity from public networks, effectively acting as middleware or “bridges” for crypto use cases such as Decentralized Finance (DeFi) and NFTs for Facebook’s Diem project. Mechanism Capital co-founder Andrew Kang says “Being a permissionless platform, Pontem allows for much-needed unbridled experimentation with Diem’s Move programming language.” Pontem Network was co-founded by the developer Stas Oskin, who helped ideate and launch WINGS DAO and Beam MW; and Boris Povod, known as the creator of the first javascript DPoS blockchain, Crypti, which served as the code base for Lisk and Ark. They also recently brought on board Alejo Pinto as Chief Growth Officer from crypto’s fastest growing Unicorn BlockFi.
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