Stake Technologies Inc. – an infrastructure provider focusing on DApps and Web 3.0 protocols – has reportedly secured $10 million via strategic investments, to help design the Polkadot and Kusama ecosystems. 

Specifically, funds Stake Technologies – via its Plasm and Shiden networks – will reportedly dedicate the freshly acquired fund to carry out the finalization of a successful para chain lease offering (PLO), both on Kusama and Polkadot. 

The Shiden Network para chain will reportedly take care of carrying out the Kusama PLO, and the Plasm Network will take care of Polkadot. 

Stake Technologies has reportedly employed a “crowd loan-centric strategy” for obtaining the Shiden para chain lease, which is in reference to one of the two main selections for acquiring a para chain slot, the other being direct sales.

Venture capital entity Fenbushi Capital was reportedly in charge of leading the investment round, with different firms, nominally Hypersphere Ventures, Gumi Cryptos, IOSG Ventures, TRG Capital, AU21 Capital, and others taking part in. Nobuyuki Idei – the former Head and chairman of Sony, also joined the investment round as an angel investor. 

“The Plasm Network, and its cousin Shiden, aim to be the multi-chain DApp hubs of Polkadot and Kusama. The two networks will become the gateway for cross-chain assets from other networks, layer-two platforms, and para chain.” Stake Technologies reportedly remarked. 

“The multi-blockchain approach means that Plasm and Shiden will be key contributions to the overall para chain ecosystem, with their work on scaling benefiting every other future para chain,” Jack Platts, partner at Hypersphere Ventures and contributor to the funding round, reportedly remarked.