Dapp for upcoming Diem blockchain raises $4.5M in seed investments

Dapp for upcoming Diem blockchain raises $4.5M in seed investments


Pontem Network, a decentralized application that seeks to connect Facebook’s Diem to public blockchains like Ethereum (ETH), has raised $4.5 million in seed investments, setting the stage for continued development of the ambitious digital currency project. 

The Pontem Network is described as a Polkadot Substrate-based chain, which means it can serve as a testnet for Facebook’s Diem blockchain. By utilizing a Polkadot parachain, Pontem can introduce developers to Diem’s potential, allowing them to validate their ideas before submitting to the Diem Association.

Pontem co-founder Stas Oskin said his platform’s vision is to “allow developers to build for Diem and at the same time enjoy the liquidity, data, and user base of Polkadot.”

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Jehan Chu, co-founder and managing partner of Kinetic Capital, one of Pontem’s backers, said:

“Pontem is an audacious project in that it not only creates a testing ground for Diem, possibly the largest and most adopted blockchain project in the world, but also an active proving ground for new protocols

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