Binance Labs Leads $2.4 Million Series A Funding Round For Polkadot-Based Plasm Network
Binance Labs Leads $2.4 Million Series A Funding Round For Polkadot-Based Plasm Network
February 11, 2021
Binance Labs Leads $2.4 Million Series A Funding Round For Polkadot-Based Plasm Network
Binance Labs Leads $2.4 Million Series A Funding Round For Polkadot-Based Plasm Network
February 11, 2021

Binance Labs, the venture arm of Binance, has led a $2.4 million Series A funding round for Plasm Network, the Polkadot-based smart contract platform.

It has been reported that Plasm Network’s funding round is the first investment made using Binance Labs’ $10 million funds to support projects in the Polkadot ecosystem. Plasm is a leading parachain candidate on Polkadot supporting Ethereum and Layer-2 scaling solutions.

However, in December 2020, Binance Labs led a $12 million funding round for MATH, a multi-chain assets hub behind MathWallet. In August 2020, it made a strategic investment in decentralized streaming protocol Audius.

The report said that Binance Labs investment will enable Plasm Network to develop on-chain governance, build a bridge between the Polkadot and Ethereum networks, and accelerate research and development.

Plasm also raised money from notable crypto-notables HashKey, LongHash, Digital Finance Group, and PAKA Ventures.

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Wei Zhou, the 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 [the] Polkadot ecosystem.”

Thus, Plasm recently won the first Polkadot testnet parachain slot by deploying the first-ever smart contract on Polkadot’s “Rococo” testnet.

Source: Cointelegraph


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Ishita Bora

Ishita Bora is a Senior Content Creator at Digital Notice Media Labs with an experience of 1 year. She has completed her Master's Degree in Language and Linguistics in 2019 from Gauhati University, India. Her interest lies in blockchain technology and cryptocurrency space. She loves writing about blockchain and other blockchain-related articles.