Plasm Network hoisted $2.4M in a Series A funding round

A funding round led by Binance, Polkadot Plasm Network raised $2.4M
  • Plasm network has hoisted $2.4 million in a Series A funding round
  • Binance Labs led the fundraising round where other firms like HashKey, LongHash, and PAKA Ventures participated
  • Plasm Network has raised funds to bridge the gap between Polkadot and Binance community
  • In response to the fundraising round, DOT tokens have surged by more than 2% in just 24 hours

Plasm Network, a multi-VM smart contract platform based on Polkadot (DOT), has raised $2.4M in a Series A fundraising round. The fundraising round was led by Binance, one of the world’s largest crypto assets exchanges. According to the official release of Binance, the Plasm Network is designed to be an EVM-compatible, interoperable, and scalable network. The network is designed and based on layer2 solutions like Zk Rollups and Optimism Virtual Machine (OVM). However, the investment will be the first, which Binance is undertaking in its $10 million funds for the project’s support.

Plasm Network raised the funds to facilitate more BTC trade

The Plasm Network has plans to bridge the gap between the communities of Binance and Polkadot. The raised funds will help the network to expand resources and business development. On the other hand, the funds will help accelerate research and development to facilitate more Bitcoin trading. 

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According to Sota Watanabe, the founder of Plasm Network, together with Binance they will open up the era of Web 3.0. Now the network will work to make Plasm dApps hub on Polkadot, which will be the first Kusama and Polkadot para chain with Binance. Indeed, by supporting Plasm, Binance is supporting the growth and development of the Polkadot ecosystem.

Other firms participating in the funding round

Plasm Network’s funding round was led by Binance Labs. However, several other venture firms also participated in the Series A funding round with Binance Labs to help the ecosystem raise $2.4 million. Such firms involve HashKey, LongHash, PAKA Ventures, and Digital Finance Group.

In response to the funding, DOT hits an all-time high

After the funding round of Plasm Network, Polkadot’s native token DOT began to soar tremendously. In just 24 hours, the token surged by more than 20% to the price level of $23.80. According to the data from CoinMarketCap, currently, DOT is the fifth largest token by market cap with a total market cap of $20.82 billion. At press time, the token is trading at the price level of $22.88, up by more than 35% over the last seven days.

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Ahtesham Anis
Ahtesham Anis is a Computer Science undergrad student currently based out of India. Coming from the business background and his keen interest in Cryptocurrency and Blockchain technology is what Ahtesham brings to the table. He is always an eager learner when it comes to exploring the new technologies and topics in the crypto world.

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