Arrington Capital Launches $100M Fund to Fuel Moonbeam Network

With more than $1.6 billion in assets under management, cryptocurrency investment firm Arrington Capital has teamed up with the Moonbeam Foundation to launch a new $100 million ecosystem fund for Polkadot’s EVM-compatible Moonbeam parachain.

The Arrington Moonbeam Growth Fund will provide funding for new businesses and protocols on the Moonbeam network, targeting a variety of industry verticals including gaming, non-fungible tokens (NFTs), marketplaces, and decentralized finance (DeFi). 

100 projects are either operational or getting ready to debut on Moonbeam, which launched in January. According to the network, more than 6.5 million transactions were made by Moonbeam users in the first five months, and more than 5,000 smart contracts were deployed by developers.

Moonbeam enables safe cross-chain interoperability without the use of bridges as an Ethereum-compatible parachain. Developers may simply migrate existing smart contracts between blockchains and create native multichain decentralized applications (dapps).

Arrington Capital took part in a $6 million strategic capital investment last year and a $1.4 million funding round for Moonbeam in 2020.

“Moonbeam has gained significant momentum as a new Layer 1 protocol and provides a needed spark for the larger multi chain movement, a trend which we are seeing across our portfolio,” Arrington Capital co-founder and partner Michael Arrington said in the press release.

Arrington and TechCrunch CEO Heather Harde founded Arrington Capital in 2017. Arrington is the creator of TechCrunch and CrunchBase. The venture capital firm also provides the $100 million Arrington Algorand Growth Fund in addition to its flagship Arrington XRP Capital fund.

The corporation withdrew a new $100 million fund from its website last month that was linked to the Terra yield-generating technology Anchor, which suffered significant losses as a result of the USD stablecoin issue. According to Arrington, the removal was necessary since demand has declined.