Binance Labs Announces Investment in Plasm Network

Binance Labs announced the first investment from its Polkadot ecosystem fund as the company led the latest $2.4 million funding round of Plasm Network. Binance introduced a $10 million fund in December 2020 to support projects in the Polkadot's ecosystem.

According to the official announcement, HashKey, LongHash, Digital Finance Group and PAKA Ventures participated in the funding round. Plasm Network aims to accelerate the development of its Ethereum Bridge Bridge The bridge or liquidity bridge is an essential component for brokers that are enabling their clients to trade at interbank rates directly via a Prime Broker or a Prime-of-Prime (PoP). While market makers do not require a bridge in order to service their clients, brokers which are sending through orders to a liquidity provider or an electronic execution venue need a bridge to connect their trading platform to the interbank market.Bridges are used extensively in forex trading, specifically for Met The bridge or liquidity bridge is an essential component for brokers that are enabling their clients to trade at interbank rates directly via a Prime Broker or a Prime-of-Prime (PoP). While market makers do not require a bridge in order to service their clients, brokers which are sending through orders to a liquidity provider or an electronic execution venue need a bridge to connect their trading platform to the interbank market.Bridges are used extensively in forex trading, specifically for Met Read this Term, on-chain governance, and Network Portal with the latest investment.

Plasm Network is a scalable smart contract platform on Polkadot. The company deployed the first-ever smart contract on Polka's testnet, Rococo. The company plans to become one of the first Kusama & Polkadot parachains.

Commenting on the recent announcement, Wei Zhou, Head of Binance Labs, said: “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 DOT ecosystem.”

Additionally, Plasm Network mentioned that the company is in the process of developing ZK Rollups in their underlying parachain.

Growth of Polkadot

The Polkadot ecosystem has grown significantly in the last few months as several blockchain startups have started using the network. Tidal Finance, an insurance startup built on Polkadot Blockchain Blockchain Blockchain comprises a digital network of blocks with a comprehensive ledger of transactions made in a cryptocurrency such as Bitcoin or other altcoins.One of the signature features of blockchain is that it is maintained across more than one computer. The ledger can be public or private (permissioned). In this sense, blockchain is immune to the manipulation of data, making it not only open but verifiable. Because a blockchain is stored across a network of computers, it is very difficult to tamp Blockchain comprises a digital network of blocks with a comprehensive ledger of transactions made in a cryptocurrency such as Bitcoin or other altcoins.One of the signature features of blockchain is that it is maintained across more than one computer. The ledger can be public or private (permissioned). In this sense, blockchain is immune to the manipulation of data, making it not only open but verifiable. Because a blockchain is stored across a network of computers, it is very difficult to tamp Read this Term raised nearly $2 million in seed funding recently. DOT, the cryptocurrency of Polkadot surged significantly since the start of 2021. The cryptocurrency is up more than 150% in the last 6 weeks. DOT is currently trading above $23 with a market cap of over $21 billion. DOT is now more valuable than Cardano (ADA) and XRP.

“Plasm is our first Polkadot accelerator project. We are excited to continue to support Plasm in becoming the leading smart contract platform in the DOT ecosystem,” Emma Cui, CEO at LongHash Ventures mentioned in the official announcement.