Binance Labs Announces Investment in Plasm Network

7
67

Binance Labs announced the first investment from its Polkadot ecosystem fund as the company led the latest $2.4 million funding round of Plasm Network. Binance introduced a $10 million fund in December 2020 to support projects in the Polkadot’s ecosystem.

According to the official announcement, HashKey, LongHash, Digital Finance Group and PAKA Ventures participated in the funding round. Plasm Network aims to accelerate the development of its Ethereum bridge, on-chain governance, and Network Portal with the latest investment.

Plasm Network is a scalable smart contract platform on Polkadot. The company deployed the first-ever smart contract on Polka’s testnet, Rococo. The company plans to become one of the first Kusama & Polkadot parachains.

Commenting on the recent announcement, Wei Zhou, Head of Binance Labs, said: “We have been very impressed by Plasm Network’s growth since its launch. The first parachain connected to the Rococo-V1 Parachains Testnet is one of the most promising parachain candidates for Polkadot mainnet. By investing and supporting Plasm, we are demonstrating our commitment to supporting the growth and development of DOT ecosystem.”

Suggested articles

Top Crypto Trends for 2021 Every Trader Should KnowGo to article >>

Additionally, Plasm Network mentioned that the company is in the process of developing ZK Rollups in their underlying parachain.

Growth of Polkadot

The Polkadot ecosystem has grown significantly in the last few months as several blockchain startups have started using the network. Tidal Finance, an insurance startup built on Polkadot blockchain raised nearly $2 million in seed funding recently. DOT, the cryptocurrency of Polkadot surged significantly since the start of 2021. The cryptocurrency is up more than 150% in the last 6 weeks. DOT is currently trading above $23 with a market cap of over $21 billion. DOT is now more valuable than Cardano (ADA) and XRP.

“Plasm is our first Polkadot accelerator project. We are excited to continue to support Plasm in becoming the leading smart contract platform in the DOT ecosystem,” Emma Cui, CEO at LongHash Ventures mentioned in the official announcement.



Source link

7 COMMENTS

  1. Great – I should definitely pronounce, impressed with your website. I had no trouble navigating through all tabs and related information ended up being truly simple to do to access. I recently found what I hoped for before you know it at all. Quite unusual. Is likely to appreciate it for those who add forums or something, website theme . a tones way for your customer to communicate. Excellent task.

  2. Hello there, I discovered your website by the use of Google while searching for a comparable matter, your site got here up, it appears to be like great. I’ve bookmarked it in my google bookmarks.

  3. I like this blog so much, saved to fav. “Respect for the fragility and importance of an individual life is still the mark of an educated man.” by Norman Cousins.

  4. I’ve recently started a website, the information you offer on this web site has helped me tremendously. Thanks for all of your time & work.

  5. Have you ever heard of second life (sl for short). It is essentially a online game where you can do anything you want. sl is literally my second life (pun intended lol). If you want to see more you can see these sl articles and blogs

LEAVE A REPLY

Please enter your comment!
Please enter your name here