Dapp Framework for Facebook's Diem Raises $4.5M
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Pontem, a Polkadot parathread focused on decentralized applications (dApps) for Facebook's Diem, has raised $4.5 million in a round led by Mechanism Capital and Kenetic Capital. According to a press release, the company also raised funds from Delphi Ventures, Collider Ventures, Alameda Ventures, Skynet Trading and Animoca Brands.

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Pontem is focused on integrating Facebook's Diem blockchain into ecosystems like Ethereum, Polkadot, and EOS. With Diem, the project plans to reach a blockchain audience of over 2.7 billion users. Pontem Co-Founder, Boris Povod, says that the assembly of selected investors "will be instrumental to Pontem's success and an inseparable part of it."

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Earlier in May, Diem withdrew its application for a license as a payment system in Switzerland. The Swiss Financial Market Supervisory Authority (FINMA) said that the project, which will focus on the US market and will be based on the US dollar, had decided to withdraw its application as it plans to launch its payment system in the US first.

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