LD Capital sees Polkadot and its environment as ripe for expansion. With this, Polkadot adds yet another piece of good news to its flow this week.
Chinaâ€™s LD Capital tweeted the announcement on the start of Polkadot Ecosystem Fund on Jan. 21. The fund will engage in capital support, community building, development advisory, and marketing to early stage projects focused on Polkadot. LD Capital set the fund at $10 million.
LD Capital is one of Chinaâ€™s oldest venture capital firms focused on blockchain technology. The company previously invested intoÂ Qtum, Vechain and Eos.Â CrunchbaseÂ lists it as being founded in 2017.
On Jan. 22, PAID Network CEO Kyle ChassÃ© tweeted his regards over Plasm Network connecting on Rococo v1, the Polkadot testnet. For Plasm, a sidechain on Polkadot is important to projects such as PAID, considering Polkadotâ€™s ever-increasing reach. Plasm NetworkÂ announcedÂ the local connection as Polkadotâ€™s first parachain on Rococo v1 on Jan. 15.
To the Moon(stake)
As BeInCryptoÂ reportedÂ on Jan. 20, staking company Moonstake and digital assets platform RockX also announced a partnership focused on Polkadot. RockX is already engaged in the Polkadot ecosystem through technical support and a $20 millionÂ investment program.
Polkadot a Strong Fourth
Polkadotâ€™s DOT token replaced Ripple Labâ€™s XRP in January as the fourth-largest cryptocurrency by market capitalization. This is due to Polkadotâ€™s expanding popularity as well as Rippleâ€™s regulatory woes.
The US Securities and Exchange CommissionÂ slappedÂ Ripple, its current CEO and former CEO with lawsuits on Dec. 23, 2020. One such suit claims that Ripple Labs sold $1.2 billion of unregistered securities in the for of XRP. Another suit asserts that former CEO Christian Larsen and current CEO Brad Garlinghouse sold a further $600 million in unregistered securities on their own.
Garlinghouse defends Ripple, saying that the eight years that the company has been on the market and its previous government rulings prove that it is not aÂ security. Furthermore, he questioned the timing of the suits as the US government changes hands. However, without mentioning the Ripple case directly, SEC Commissioner Hester Pierce, commonly known as â€˜Crypto Momâ€™,Â mentioned in an interviewÂ that such cases are usually settled out of court.
Polkadot, meanwhile, continues to go from strength to strength. Remarkably, the company, led by co-founders includingÂ EthereumÂ co-founder Gaviin Wood, only went live in May 2020. By November, it claimed sixth place by market cap. Since December, the price of the DOT token more than tripled.