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Gear Technologies raises $12 million to boost smart contract development on Polkadot

Twitter icon  •  Published 2 years ago  •  Hassan Maishera

Gear Technologies raises $12 million in a funding round to boost smart contract development on the Polkadot ecosystem

Gear Technologies announced a few hours ago that it had raised $12 million in its latest funding round. The funds would be used to boost smart contract development on the Polkadot blockchain. 

Gear Technologies is a smart-contract layer that supports the Polkadot blockchain framework. The latest funding round was led by Blockchange and a host of other venture capitalists including Three Arrows Capital, Lemniscap and Distributed Global. This latest development comes just a few days after the first parachains launched on the Polkadot network.

DOT, the native coin of the Polkadot ecosystem, is trading above $24, up by less than 1% over the last 24 hours.

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Hassan Maishera

Hassan is a Nigeria-based financial content creator that has invested in many different blockchain projects, including Bitcoin, Ether, Stellar Lumens, Cardano, VeChain and Solana. He currently works as a financial markets and cryptocurrency writer and has contributed to a large number of the leading FX, stock and cryptocurrency blogs in the world.