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Blockchain

Parachain Auction Winner Acala Commits $250M to Fuel aUSD stablecoin Adoption on Polkadot

Parachain public sale winner Acala Network has launched a $250 million fund to gasoline the adoption of Acala USD (aUSD) because the dominant stablecoin for the Polkadot and Kusama ecosystem respectively.

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As unveiled by the blockchain protocol, the funding spherical got here on account of the collaboration between the highest 9 recognized parachain protocols in addition to distinguished names within the digital forex ecosystem.

The $250 million dedication was pulled by notable traders within the crypto business together with Alameda Research, Arrington Capital, Digital Currency Group, IOSG, Jump Crypto, Kraken Ventures, and Pantera Capital, amongst others. The fund will probably be utilized in supporting protocols which can be constructed on both Polkadot or Kusama, however which has the correct use circumstances on how stablecoins and most significantly, the aUSD might be built-in throughout the board.

“Building the native, decentralized stablecoin of Polkadot and Kusama has been at the heart of Acala’s work for over three years,” mentioned Acala co-founder Bette Chen. “It is fantastic to see this group of parachains and funds coming together to grow the cross-chain ecosystem with aUSD as a foundational building block.”

Acala Network, tasked with the creation of a local stablecoin for the Polkadot ecosystem, got here off as the primary protocol to win the Polkadot public sale slot as introduced again in November final yr. The aUSD Ecosystem fund has quite a lot of major objectives together with to assist “grow the Polkadot and Kusama ecosystem through increased cross-chain activity and growth of Polkadot’s native stablecoin, aUSD.”

Just because the identify implies, the one listed qualifying initiatives embody early-stage startups constructing on Polkadot and Kusama, however with a powerful focus on driving the expansion and utility of aUSD. Acala Network named Astar Network, Centrifuge, Efinity, HydraDX, Manta, Moonbeam, OriginTrail, Parallel, and Zeitgeist because the parachain protocols that supported the emergence of the ecosystem fund.

Beyond Acala which is streamlined to Polkadot, quite a lot of enterprise capital corporations have been floating funds to again progressive initiatives within the broader digital forex ecosystem, a development that’s possible to decide up large momentum within the close to future.

Image supply: Blockchain.News

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