Quick take:
- Pontem will use the funds to accelerate the development of Move Virtual Machine Products on EVM-compatible blockchains.
- Move is built with an emphasis on security as it seeks to mitigate vulnerabilities like reentrancy attacks.
- The funds will also be used to facilitate the launch of the new Move L2 Lumio, an Optimistic rollup on Ethereum.
Web3 developer platform Pontem Network has announced a $6 million funding round co-led by Lightspeed Faction (“Faction”) and Lightspeed Venture Partners. The fundraising also attracted participation from Pantera Capital, Aptos Foundation, Wintermute, Altonomy, Shima Capital, and Kraken Ventures, among others.
The company plans to use the fresh capital to accelerate the development of Move Virtual Machine (VM) Products on EVM-compatible blockchains. The Move VM allows developers to build apps that are both Move and EVM-compatible and launch new user and developer-friendly products.
Pontem said it will also use the capital to facilitate the launch of the new Move L2 Lumio, an Optimistic rollup on Ethereum. The Move L2 Limuo leverages layer-1 blockchains like Aptos to process transactions.
According to a press release published Thursday, existing Pontem products on Aptos “including Pontem Wallet and Liquidswap DEX, have already garnered 40K weekly active users and up to $1M in daily volume, respectively.”
Commenting on the announcement, Alejo Pinto, co-founder of Pontem said: “We are grateful for the investment and support from our partners. Altogether, these VCs represent valuable resources in both traditional and crypto ventures. We are eager to build foundational products with Move and grow our community alongside them.”
“We aim to deploy this influx of capital to increase usage of Move beyond Aptos and Sui, empowering dapp teams with a programming language that enables devs to add new features that support the security and scalability needed for mass adoption,” added Pinto.
This fundraising follows Pontem’s $4.5 million raised in June 2021 via a private token sale that attracted participation from Mechanism Capital, Kenetic Capital, Delphi Ventures, and Animoca Brands, bringing the total fundraising to date to $10.5 million.
Banafsheh Fathieh, Co-founding Partner at Faction commented: “Pontem is building critical primitives for the Move ecosystems. We are excited to support the project as they work to enable mass adoption on next-generation blockchains.”
“Pantera is excited to be investing into Pontem and help fuel the Move and Aptos ecosystem. We believe the team has been doing a tremendous job of building the necessary financial and technical infrastructure to bring consumers and developers to the decentralized web,” said Paul Veradittakit, Managing Partner at Pantera Capital.
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