Binance Labs is supporting the Polkadot ecosystem with a $ 2.4 million investment in the Plasm network

Binance Labs has led a Series A financing round worth $ 2.4 million for Polkadot-based smart contract platform, Plasm Network.

The Plasm Network funding round is the first investment made with Binance Labs’ $ 10 million fund to support projects in the Polkadot ecosystem. Plasm is a lead parachute candidate on Polkadot supporting Ethereum and Layer 2 scaling solutions.

Binance Labs is the venture capital department and incubator of the large cryptocurrency exchange Binance. In December 2020, Binance Labs led a $ 12 million funding round for MATH, a multi-chain asset hub behind MathWallet. In August of the same year, a strategic investment was made in the decentralized streaming protocol Audius.

Binance Labs is supporting the Polkadot ecosystem with a $ 2.4 million investment in the Plasm network
Binance Labs is supporting the Polkadot ecosystem with a $ 2.4 million investment in the Plasm network

According to the announcement, Binance Labs’ investment will allow Plasm Network to develop on-chain governance, bridge the Polkadot and Ethereum networks, and accelerate research and development.

Plasm also raised money with well-known cryptocurrencies such as HashKey, LongHash, Digital Finance Group and PAKA Ventures.

Polkadot is a high performance blockchain network that uses a multi-chain approach to achieve greater scalability than networks based on a single blockchain.

Wei Zhou, director of Binance Labs, praised the network for its recent achievementsin the following words:

“We are very impressed with the growth of the Plasm network since its inception. The first parachute connected to the Rococo-V1 Parachains Testnet is one of the most promising candidates for the main Polkadot network. By investing in and supporting Plasm, we show our commitment to the growth and development of the Polkadot ecosystem. “

Plasm recently won first place in Polkadot’s testnet parachute and deployed the first smart contract on Polkadot’s “Rococo” testnet.

The news likely pushed the price of Polkadot’s native token DOT, which had just hit an all-time high of $ 23.90 at the time of writing.after 20% in 24 hours.

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