Plasm Network raises $2.4m round led by Binance Labs

Binance just led a $2.4 million funding round for Plasm Network, a multi-VM scalable smart contract platform on Polkadot ecosystem. This fundraising round has the participation of top funds: Haskey - DFG - LongHash - Paka Fund.

On Feb 9, 2021, Sota Watanabe - CEO of Stake Technology and also Founder of Plasm Network - announced a $2.4M fundraising round led by Binance Labs. This round has the participation of HashKey, LongHash, Digital Finance Group, and PAKA Ventures. The funds from this round will be used by Plasm Network to increase the development of Ethereum bridge, the building of on-chain governance and Network Portal. This will be a stepping stone to make Plasm Network become the first parachain of Kusama and Polkadot.

“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 the Polkadot ecosystem.” said Wei Zhou, Head of Binance Labs.

“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.

“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

About Plasm Network

Plasm Network is a scalable smart contracts platform built on Parity’s Substrate Framework. With Plasm Network, DApps Developers can build whatever applications they want without having to consider its scalability.

Recently, Plasm Network has become the first parachain slot on Polkadot Testnet - Rococo, also, Plasm Network even deployed successfully the first smart contract on Rococo . More than that, the Plasm team submitted their first milestone of Web3 Foundation’s Open Grant Program & are in the process of developing ZK Rollups in their underlying parachain.

About Binance Labs

Backed by Binance exchange, Binance Labs aim to incubate, invest in, and empower blockchain and cryptocurrency entrepreneurs, projects, and communities. Binance Labs’ mission is to illuminate the issues that matter most to the cryptocurrency ecosystem and alter 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 wave card ecology develop healthily on a solid foundation.