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The Capital

Binance Labs To Invest in Plasm Network Based on Polkadot

Along with the growth seen in Bitcoin, altcoins are also rising. One of the main altcoins on the market, the DOT token from Polkadot has been growing since the beginning of the year. With a market capitalization of $19.22 billion, the digital asset was trading at $22.20, which is close to the historical high of $24.04.

Because of the popularity of the project, one of the largest cryptocurrency exchanges in the world, Binance took the opportunity to support Polkadot infrastructure projects and startups.

According to a post, Binance Labs has led a $2.4 million Series A funding round for Plasm Network, a scalable multi-virtual machine smart contract platform on Polkadot.

This was Binance’s first $10 million investment in the Binance Labs foundation to support the Polkadot ecosystem. Other notable names that joined Binance in the investment round were HashKey, PAKA Ventures, Digital Finance Group, and LongHash.

According to the head of Binance Labs, Wei Zhou:

We have been very impressed with the growth of the Plasm Network since its launch. This is the first parachain connected to the Rococo-V1 test parachain network, and it is one of the most promising parachain candidates for the main Polkadot network. By investing in and supporting Plasm, we demonstrate our commitment to supporting the growth and development of the Polkadot ecosystem.

Earlier, Binance announced the creation of a $10 million fund to create innovative projects based on Polkadot. This fund acted as a broader commitment within the Binance Launchpool to provide Binance users with decentralized finance [DeFi] capabilities.

Including the Plasm Network, Polkadot supports more than 300 projects in its ecosystem. As the project receives support from Binance Labs, it will focus on its immediate goals. One of these goals was to make Plasm dApps a hub in Polkadot and become the first Kusama and Polkadot parachain.

The founder of the Plasm Network, Sota Watanabe, stated:

“Together with Binance, we will open the Web3. 0 era.”

Originally published at https://thecryptobasic.com on February 9, 2021.

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