Binance Labs announced that it has led the $2.4 million series A funding round for Plasm Network. A multi-VMs scalable smart contract platform on Polkadot. This marks Binance’s first investment under Binance Labs’ $10 million fund to support the Polkadot ecosystem
“We have been very impressed by Plasm Network’s growth since its launch,” head of Binance Labs Wei Zhou said. “It is the first parachain that connected to the Rococo-V1 Parachains Testnet and is one of the most promising parachain candidates for Polkadot manner.
“By investing and supporting Plasm, we are demonstrating our commitment to supporting the growth and development of Polkadot ecosystem.”
According to the official announcement, HashKey, LongHash, Digital Finance Group and PAKA Ventures participated in the funding round.
Plasm Network Scalable Smart Contract Platform
Plasm Network is a scalable smart contract platform on Polkadot. It aims to accelerate the development of its Ethereum bridge, on-chain governance, and Network Portal with the latest investment.
The company deployed the first-ever smart contract on Polka’s testnet, Rococo, and plans to become one of the first Kusama & Polkadot parachains. It also is in the process of developing ZK Rollups in their underlying parachain.
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.
Moreover, DOT has surged significantly since the start of 2021. The cryptocurrency is up more than 150% in the last 6 weeks, currently trading above $23 with a market cap of over $21 billion. DOT is now more valuable than Cardano (ADA) and XRP.
In addition to Plasm Network, Polkadot supports over 300 projects in its ecosystem. With the project receiving support from Binance Labs, it will now focus on its immediate goal of making Plasm dApps hub in Polkadot.
“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.