On February 8, 2021 Eastern Time, Binance's venture capital firm and incubator, Binance Labs, announced the lead investment in Plasm, a scalable smart contract platform with multiple virtual machines on the Polkadot network Network's A round of financing , the total amount of this round of financing reached 2.4 million US dollars.
Plasm Network is developed based on the Substrate framework, supports cutting-edge layer2 expansion solutions including Optimistic Virtual Machine (OVM) and ZK-Rollups , and is compatible with Ethereum Virtual Machine (EVM) and WASM at the same time , with superior scalability and interoperability Blockchain infrastructure.
Plasm Network officially became Binance's first investment in a USD 10 million fund to support the development of the Polkadot ecological project. This investment will enable Plasm Network to accelerate network research and development, ecological expansion and business development, and bridge the Binance ecology and Polkadot ecology.
"Since its launch, the development of Plasm Network has left a deep impression on us. As the first parachain connected to Polkadot Rococo V1 testnet , Plasm Network is also the most potential parachain competitor of Polkadot mainnet. One . By investing and supporting Plasm Network, we have demonstrated our commitment to supporting the growth and development of Polkadot's ecology." said Zhou Wei, head of Binance Lab.
"We are very pleased to invite Binance to join the Plasm Network ecosystem. We are pleased to know that Plasm Network is the first investment of Binance 's US$10 million Polkadot Fund . 2021 is an important year for Plasm and Polkadot. We will do our best to make Plasm the center of dApps on Polkadot and become the first Kusama and Polkadot parachain with the support of Binance Lab . Together we will start the Web3.0 era." Plasm Network founder Sota Watanabe Said.
This round of financing is part of Binance Lab's plan to empower the infrastructure and innovation projects of the Polkadot ecosystem. Also participating in this round of financing are HashKey Capital, PAKA Ventures, Digital Finance Group and LongHash Ventures.
About Plasm Network
Plasm Network is committed to becoming the leading dApps center on Polkadot, compatible with the Ethereum virtual machine and WASM, and supporting cutting-edge two-tier expansion solutions including OVM and ZK-Rollups. As the core of the ecology, the Polkadot relay chain does not support smart contracts in its design, so developers in the Polkadot ecosystem urgently need a relay chain that supports smart contracts as a development platform. Relying on the economic model based on the dApps ecology, it is the mission of Plasm Network to become a smart contract parachain with superior scalability, compatibility and interoperability. Recently, Plasm Network became the first parachain connected to Polkadot's Rococo V1 test network and launched the Shiden Network of Plasm Network's canary network. We plan to be the first parachain to connect to Kusama (Shiden) and Polkadot (Plasm).
About Binance Labs
Binance Lab is a blockchain infrastructure impact fund initiated by Binance, which aims to incubate, invest and empower blockchain and cryptocurrency entrepreneurs, innovative projects and communities. The mission of Binance Lab is to solve the key problems of the blockchain ecosystem and make the world a better place.
About Binance
Binance has the world's leading blockchain asset trading platform and operates the entire Binance ecosystem, including Binance Exchange, Binance Lab, Binance Launchpad, Binance Smart Chain, Binance Information, and Binance Academy , Binance Research Institute, Binance Wallet and Charity Funds. Binance Exchange is the world's most traded cryptocurrency exchange, with users from more than 190 countries and regions, capable of processing more than 1.4 million orders per second, and one of the fastest exchanges in the world. The high security, stability and execution speed of the Binance platform have attracted a large number of blockchain enthusiasts and professional traders to join the Binance ecosystem.
For more information, please visit: https://www.binance.com