Binance Labs, the venture capital and incubator of crypto exchange and blockchain infrastructure company Binance, announced it has led the $2.4 million series A funding round for Plasm Network, a multi-VM (virtual machine) scalable smart contract platform on Polkadot.
Plasm Network is an interoperable, and EVM-compatible infrastructure built on top of the Substrate framework with the support of layer2 solutions like Optimism Virtual Machine (OVM) and Zk Rollups.
The investment will enable Plasm Network to accelerate research and development, expand resources and business development, and bridge the Binance and Polkadot communities.
“We have been very impressed by Plasm Network’s growth since its launch. It is the first parachain that connected to the Rococo-V1 Parachains Testnet and 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.” Said Wei Zhou, Head of Binance Labs.
This funding round is part of Binance Labs’ ongoing initiative to support and foster innovations in Polkadot infrastructure projects and startups. The investment round was joined by HashKey, PAKA Ventures, Digital Finance Group, and LongHash.
“We are extremely excited to invite Binance to the Plasm ecosystem. I am glad to know that Plasm is the first investment under Binance Lab’s Polkadot fund. 2021 is an important year for Plasm and Polkadot. We will do our best to make Plasm dApps hub on Polkadot and become the first Kusama and Polkadot parachain with Binance Labs’ support. Together with Binance, we will open up the era of Web3.0.” Said Sota Watanabe, the founder of Plasm Network.