Leading parachain candidate on Polkadot, Plasm Network raised $2.4M led by Binance Labs with HashKey, DFG, LongHash, and PAKA
Plasm Network, a leading parachain candidate on Polkadot supporting Ethereum and layer2 solutions, today announced that they raised $2.4M in a funding round led by Binance Labs with HashKey, DFG, LongHash, and PAKA. The funding will be used to accelerate the development of Plasm Network’s Ethereum bridge, on-chain governance, and Network Portal.
Big update? Plasm Network raise $2.4M led by Binance Labs with HashKey, DFG, LongHash, and PAKA. We will work closely with investors to become one of the first Kusama/Polkadot Parachain ?@binance @DFG_Group @longhashhatch @HashKeyGroup #PAKAhttps://t.co/nG4PbPBxuO
— Plasm Network (DApps platform on Polkadot) (@Plasm_Network) February 9, 2021
Wei Zhou, Head of Binance Labs says, “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 Polkadot ecosystem.” This marks Binance’s first investment from their recently announced $10m Polkadot ecosystem fund, and their first in the Polkadot ecosystem overall.
Plasm Network recently won the first Polkadot testnet parachain slot, and in doing so deployed the first ever smart contract on Polkadot’s testnet Rococo. Last week, the team also successfully submitted their first milestone of Web3 Foundation’s Open Grant Program & are in the process of developing ZK Rollups in their underlying parachain.
“Plasm Network is a leading dApps hub on Polkadot, and we are sure that Plasm will be one of the most important components in the Polkadot ecosystem. It will be a core platform to realize Web3.0 vision. We are excited to have this journey with the Plasm team.” Ryan Chen, director of strategy at HashKey.
Read more:
- Moonstake Has Partnership With Stake Technologies To Expand The Polkadot Ecosystem
- Polkadot Opened The Parachain Rococo V1 Enrollment Portal – Described As Another Big Step Forward For The Network