Binance Labs backs Polkadot ecosystem with $2.4m investment in Plasm Network

Binance Labs led a $ 2.4 million Series A financing round for Polkadot’s smart contract platform, Plasm Network.

The Plasm Network Funding Round is the first investment made using the $ 10 million Binance Labs Fund to support projects in the Polkadot ecosystem. Plasm is Polkadot’s leading parachute filter that supports Ethereum and Layer-2 scaling solutions.

Binance Labs is the venture capital and incubator arm of the cryptocurrency giant Binance. In December 2020, Binance Labs led a $ 12 million funding round for MATH, the multi-chain asset center behind MathWallet. In August of the same year, it made a strategic investment in Audius decentralized broadcast protocol.

According to the announcement, Binance Labs’ investment will enable Plasm Network to develop governance over the chain, build a bridge between Polkadot and Ethereum, and accelerate research and development.

Plasm has also raised funds from leading crypto figures HashKey, LongHash, Digital Finance Group and PAKA Ventures.

Polkadot is a high throughput blockchain network that uses a multi-chain approach to achieve greater scalability than networks built on top of a single blockchain.

Wei Chu, president of Binance Labs, praised the network for its recent achievements, saying:

“We have been greatly affected by the growth of the Plasm Network since its launch. The first parachin connected to the Rococo-V1 Parachains Testnet is one of the two most promising candidates for the Polkadot mainnet. By investing and supporting Plasm, we are demonstrating our commitment to support the growth and development [the] The Bolcadot Ecosystem. “

Plasm recently won the Polkadot test network’s first parachine slot, publishing its first-ever smart contract on Polkadot’s “Rococo” test network.

The news has likely boosted Polkadot’s original token, DOT, which just reached an all-time high of $ 23.90 at the time of writing after gaining 20% ​​in 24 hours.