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

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

Binance Labs is the venture capital and incubator of the cryptocurrency giant Binance. In December 2020, Binance Labs led a $ 12 million funding round for MATH, the multichain asset hub behind MathWallet. In August of that year, the company made a strategic investment in Audius, a decentralized broadcast protocol.

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

Plasm also received money from leading cryptocurrency companies HashKey, LongHash, Digital Finance Group and PAKA Ventures.

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

Wei Chu, President of Binance Labs, praised the network for its recent achievements and said:

“We have been heavily influenced by the growth of the Plasm Network since its launch. The first parachute connected to the Rococo-V1 Parachains testnet is one of the most promising candidates for the Polkadot network. By investing in and supporting Plasm, we are demonstrating our commitment to support the growth and development of the Polkadot ecosystem. ”
Plasm recently won the first parachute track on the Polkadot testnet and released its first smart contract for the Polkadot “Rococo” testnet.

The news likely boosted the original Bolcadot DOT token, which at the time of writing has just peaked at $ 23.90 after gaining 20% ​​in 24 hours.

Source: CoinTelegraph