Plasm Network Closes $2.4M Round Led by Binance Labs

Sota Watanabe
Feb 8, 2021 · 5 min read

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. This marks Binance’s first investment from their recently announced $10m Polkadot ecosystem fund, and their first investment in the Polkadot ecosystem overall.

“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.” Wei Zhou, Head of Binance Labs.

Other participants in the round include HashKey, LongHash, Digital Finance Group, and PAKA Ventures. The funding will be used to accelerate the development of Plasm Network’s Ethereum bridge, on-chain governance, and Network Portal. The closing of the fundraising round moves Plasm another step closer to achieving its longstanding goal of becoming one of the first Kusama & Polkadot parachains.

“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

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 is our first Polkadot accelerator project. We are excited to continue to support Plasm in becoming the leading smart contract platform in the Polkadot ecosystem.” Emma Cui, CEO at LongHash Ventures

“Since we began investing in Polkadot and the Polkadot ecosystem, we have thought that interoperability is one of this protocol’s key strengths. Aside from a very strong team, Plasm addresses a critical interoperability issue and bridges Polkadot with Ethereum, which will bring a great number of experienced teams to this ecosystem. Additionally, Plasm has been consistently proving the quality of its products and delivered over the top results in preliminary settings. We believe Plasm’s scalability, compatibility, and governance features will continue to make it stand out and be among the winners of the upcoming Parachain Auctions.” James Wo, Founder at Digital Finance Group

“Without any doubt, Plasm Network and Stake Technologies are one of the best teams in the Polkadot ecosystem. When I met Sota back in early 2019, we felt that we were teammates fighting for the prosperity of Web3.0. Plasm Network is driven by a fair distribution and developer community, which has the great potential to make DAPP great again on Polkadot. I believe Web3.0 will come, and DAPP will be built on Plasm Network.” Marvin Tong Partner at PAKA Ventures.

About Binance Labs;
Binance Labs is an infrastructure impact fund and an initiative launched by Binance to incubate, invest in, and empower blockchain and cryptocurrency entrepreneurs, projects, and communities. Binance Labs’ mission is to solve the problems that matter most to the ecosystem and change the world for the better.

About HashKey;
HashKey Capital is a leading blockchain investor and digital asset manager with a core investment focus on blockchain technology, digital assets, and crypto-financial infrastructures. The fund adopts optimal investment strategies based on professional research, extensive investment experience, and leading investment tools.

About LongHash Ventures;
LongHash Ventures is a global blockchain accelerator and investor building the native Web 3.0 blockchain economy. With a global network established across key technological hubs including Singapore, Shanghai, and Hong Kong, the company is committed to catalyzing growth for the next generation of blockchain startups. In parallel, LongHash Ventures offers end-to-end support across the spectrum of strategy formulation, go-to-market execution, and subject matter guidance across technology, marketing, and fundraising. LongHash Ventures is supported by Fenbushi Capital, Hashkey Capital under Wanxiang Group, and Enterprise Singapore, a statutory board under the Ministry of Trade and Industry.

About Digital Finance Group;
Digital Finance Group (DFG) is a global blockchain and digital asset investment firm. Founded in 2015, and it manages investments over $550M AUM. DFG’s portfolios include an actively managed trading fund with over 400% returns, a venture fund with equity holdings in leading blockchain companies, including LedgerX, Bloq, Circle, Chainsafe, RSK, Polkadot, Near, Solana, Avalanche, and Ripio. They also have an exclusive Polkadot ecosystem fund that features Acala, Plasm, Polkastarter, Reef Finance, Manta, Litenery, Bifrost, and HydraDX. DFG operates offices in Silicon Valley, Singapore, Shanghai, and Abu Dhabi.

About PAKA Ventures
PAKA is a DAO fund, co-founded by the founders of Stafi, Phala, Bifrost, Crust and Litentry. It focuses on incubating and investing in hard-core technical teams, providing technical guidance, seed round investment, strategic planning and other support to make waves Card ecology can develop healthily on a solid foundation.

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