Polkadot blockchain-based Acala has <a href="https://twitter.com/AcalaNetwork/status/1299087367207182337" target="_blank" rel="noopener">earned</a> $7 million in Series A funding round via simple agreement for future tokens (SAFT) sale. 

The companies that took part in this sale were 1confirmation, Arrington XRP Capital, ParaFi Capital, Coinfund and many more. Notably, the SAFT sale was led by the blockchain investment fund, Pantera Capital.
<h2>Acala To Introduce Decentralized Projects</h2>
The DeFi startup is currently working on several products like decentralized stablecoins aUSD, decentralized exchange, and a staking derivative. Acala would gradually introduce all the products on its platform. 

As per the report, stablecoin which would soon be introduced by Acala has already locked around $52 million on its testnet campaign.   

The report further stated that since quite a long Ethereum has been leading the DeFi, but, the fact can not be denied that because of Ethereum network DeFi is losing its customers too. The gas fees charged by the Ethereum Network is way too much for some of the DeFi Investors. 
<h2>Polkadot Working with Ethereum</h2>
At times, the smaller investors do not receive their returns because of the gas fees charged by the Ethereum network.

Recently, while sharing his views on Ethereum’s fees, Michael Arrington, the founder of Arrington XRP Captial, said that the user expects a good quality product on a fast chain and low fees from the network. Currently, the Ethereum network is not offering either of them. 

He further has mentioned that it is not necessary Ethereum users would shift to parachain of Acala only. There are multiple blockchains, the users could move to any of them.

One of the investors that participated in Acala’s funding Nick Tomaino of 1confirmation has said, “I don’t think DeFi will jump from Ethereum to Polkadot. They are two distinct communities that have users with different preferences.”

Chen of Polkadot has recently asserted that currently, her team is working with the Ethereum to develop a bridge to offer cross-chain liquidity to the DeFi users all over the world.
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Polkadot-Based Acala Raises $7 Million Through SAFT Sale

Polkadot blockchain-based Acala has earned $7 million in Series A funding round via simple agreement for future tokens (SAFT) sale.

Jyoti is a graduate from GGSIPU and has done her PG Diploma in English Journalism from IIMC. Presently, she is working as a content writer with Agio Support Solution Pvt. Ltd. Her aim is to provide informative content about cryptocurrency and blockchain, to the tech-enthusiasts.

Polkadot-Based Acala Raises $7 Million Through SAFT Sale

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