Gear Technologies Raises $12M for Polkadot Smart Contract Development

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  • Gear Technologies, a smart contract platform on Polkadot and Kusama, has raised $12 million USD in a funding round hosted by Blockchange to help build smart contracts on the Polkadot blockchain.

  • Investors in the funding round include Three Arrows Capital, Lemniscap, Distributed Globals, and Polkadot founder Gavin Wood who stated that the efforts by Gear Technologies will “benefit our entire ecosystem.”

  • Gear Technologies founder Nikolay Volf elaborated on the development team’s plans, where “the grand goal is to provide a fast track for smart-contract development in the Polkadot ecosystem. In terms of the technology, our approach to how different contracts interact with each other is a highly parallelizable architecture.”

  • Polkadot has recently achieved the launch of the network’s first parachain on Saturday, which are layer 1 blockchains running atop the layer 0 Polkadot chain.

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