Moonwell prepares for Moonbeam Launch with $10 million Private Round
Moonwell has secured a strategic funding round for the development of Moonwell Artemis, the DeFi protocol’s Moonbeam deployment. The round was co-led by Hypersphere Ventures and Arrington Capital, raising $10 million at a $90 million valuation.
“Moonwell has one of the most impressive teams building in the Moonbeam ecosystem. We’re proud to be backing them as key players to power both the Moonbeam, Moonriver and broader DotSama ecosystem.”
- Jack Platts, Co-Founder, Hypersphere Ventures
Additionally, a number of leading crypto and Polkadot ecosystem funds participated. These include: Katie Haun’s new firm, Lemniscap, C Squared, Mirana Ventures, nfr, Woodstock, Robot Ventures, Signum Capital / UOB Ventures, Charterhouse Strategic Partners, KeyChain Capital, and FMFW.
“Moonwell could be the premiere open lending protocol not just for Moonbeam but all parachains. It will help spark Moonbeam’s vision to become the meeting ground for XC20 and ERC20 assets. We were drawn to the team’s conviction and relationships in the Moonbeam ecosystem as well as the depth of their experience and knowledge in DeFi as a whole.”
- Ninos Mansor, Partner, Arrington XRP Capital
The decision to build on Moonbeam was influenced by its scalable EVM compatible tooling, low fee environment, and ecosystem growth. Moonbeam is a permissionless EVM (Ethereum) compatible smart contract parachain, serving as the gateway to the Polkadot ecosystem. It makes it easy to build interoperable applications that can reach the Polkadot ecosystem and its parachains, and having EVM compatibility makes it possible for Moonwell to draw users from other ecosystems, such as Ethereum, the Binance Smart Chain, Polygon, Avalanche, and more.
“Moonwell is a strategically important liquidity protocol that enables assets within the broader Polkadot ecosystem to become productive collateral assets in DeFi, enabling their use in web3 applications that are composable with assets from the Ethereum, Solana and Cosmos ecosystems.”
– Luke Youngblood, co-founder of Lunar Labs.
About Moonwell Artemis
Moonwell Artemis will be activated by the Moonwell community on Moonbeam, the gateway to the Polkadot ecosystem. Moonwell users will be able to supply assets to earn rewards, and obtain assets through over-collateralized loans while earning tokens as rewards for providing liquidity.