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Binance Labs invested $2.4 million in Plasm Network

Binance Labs invested $2.4 million in Plasm Network

Binance Labs led the $2.4 million Series A funding round for Plasm Network, a multi-VMs scalable smart contract platform on Polkadot. Earlier, Binance launched a $10 million fund in December 2020 to support Polkadot’s ecosystem projects. According to the official announcement, LongHash, HashKey, Digital Finance Group, and PAKA Ventures participated in the funding round. 

Plasm Network intends to stimulate its on-chain Ethereum bridge and Network Portal with the current investment. For the uninformed, Plasm Network is a scalable smart contract platform on Polkadot. Moreover, the company employed the first-ever smart contract on Polka’s testnet, Rococo. The company aims to become one of the first Kusama & Polkadot parachains. Additionally, Plasm Network stated that the company is growing ZK Rollups in their underlying parachain. This funding round is a vital step for Plasm, propelling it closer to becoming one of the first usable parachains in the Polkadot and Kusama ecosystems.

Polkadot supports over 300 projects apart from Plasm Network

Earlier, Binance had launched a $10 million fund to allow innovative projects to develop around Polkadot. This fund served as a broader commitment under Binance Launchpool to introduce the DeFi experience to Binance users. Besides Plasm Network, Polkadot supports over 300 projects in its ecosystem. With the project obtaining support from Binance Labs, it will be concentrating on its immediate goals. As mentioned above, one of these goals was to make Plasm Dapps hub in Polkadot and become the first Kusama and Polkadot parachain.

The Polkadot ecosystem has expanded prominently in the last few months as various blockchain startups have commenced employing the network. Tidal Finance, an insurance startup developed on Polkadot blockchain, raised almost $2 million in seed funding. DOT, the cryptocurrency of Polkadot, rose prominently after the commencement of 2021.Moreover, DOT is recently trading over $23 with a market capitalization of above $21 billion. DOT is now more relevant than Cardano (ADA) and XRP.

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