Web3 development studio Pontem has recently secured a significant $6 million in funding. This round was co-led by Faction and Lightspeed Venture Partners, with contributions from notable entities like Pantera Capital, Aptos Foundation, and Kraken Ventures.
The primary goal of this funding is to facilitate the development of applications compatible with both Ethereum Virtual Machine (EVM) and Move programming language. Pontem’s vision extends the application of Move beyond the realms of Aptos and Sui blockchains, aiming to broaden its utility in the Web3 space.
Alejo Pint, Pontem’s co-founder, emphasized the strategic deployment of this capital. It’s targeted at boosting the Move language’s adoption, thereby aiding app developers in integrating features that address the critical needs of security and scalability. This, in turn, is expected to ease the transition of developers from Web2 to Web3 domains.
In addition to funding, Pontem is receiving strategic support from its investors. Pantera Capital and Faction expressed confidence in Pontem’s mission to build foundational elements for the Move ecosystem.
This investment elevates Pontem’s total capital to $10.5 million, following a $4.5 million raise in 2021. The technology at the core of Pontem has its roots in the work of Aptos team members, originally part of Meta’s now-defunct Diem stablecoin project.
Move, a Rust-based programming language, stands out for its ability to create secure and efficient smart contracts, offering advantages like parallel processing for enhanced throughput. This makes Move particularly attractive to traditional finance and tech developers entering the Web3 arena.
Pontem’s plan includes developing Move Virtual Machine products for EVM-compatible blockchains, like Ethereum. It also boasts achievements such as the Pontem Wallet and Liquidswap DEX on Aptos, which have shown impressive user engagement and transaction volumes.
Looking forward, Pontem aims to extend support to Solana Virtual Machine and other blockchain languages, marking a significant step in the evolution of blockchain and Web3 development.