Binance Labs backs Polkadot ecosystem with $2.4m investment in Plasm Network
Binance has mobilized nearly one-quarter of its Polkadot ecosystem fund to lead Plasm Network’s Series A funding round. Binance Labs has led a $2.4 million Series A funding round for Polkadot-based smart contract platform, Plasm Network.Plasm Network's funding round is the first investment made using Binance Labs’ $10 million fund to support projects in the Polkadot ecosystem. Plasm is a leading parachain candidate on Polkadot supporting Ethereum and Layer-2 scaling solutions.Binance Labs is the venture capital and incubator arm of crypto exchange giant Binance. In December 2020, Binance....
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The parent company of Plasm Network and Shiden Network has prioritized development initiatives centered around Polkadot and Kusama. The company received support from over a dozen venture firms and several other angel investors. Stake Technologies Inc., an infrastructure provider for decentralized applications and Web 3.0 protocols, has raised $10 million in strategic investments to help build out the Polkadot and Kusama ecosystems through its wholly owned Plasm and Shiden networks.The funds will be immediately deployed to help Stake Technologies complete a successful parachain lease....
Data shows Polkadot's price action has been a bellwether for Bitcoin in the past few months. Polkadot (DOT) is seeing an impressive 180% gain in 2021 so far, surpassing XRP for fourth place by market capitalization. Polkadot is a multi-chain protocol that has several "parachains," similar to Ethereum Shards. DOT works on its proprietary technology called Substrate.The platform is fully interoperable between different blockchains while maintaining the ability to process thousands of transactions per second. Substrate 3.0, which will bring Ethereum compatibility, is expected to launch in the....
The two projects seek to become the forerunners of Cosmos and Polkadot interoperability. Plasm Network and Secret Network, two projects based on Polkadot and Cosmos, respectively, have launched the first iteration of a bridge to connect the two ecosystems, each representing a different “layer-0” protocol.The bridge, deployed on Tuesday on Plasm’s testnet, allows users to transfer assets between Plasm Network and Secret, allowing them to enjoy transaction privacy and use SecretSwap, the first automated market maker exchange on Secret Network. The bridge would allow Plasm users to benefit....
The VC firm has thrown its weight behind several blockchain projects with a focus on Web3, decentralized finance and cross-chain capabilities. Binance Labs, the venture capital (VC) arm of the Binance cryptocurrency exchange, announced Tuesday that it will contribute to Oasis Foundation’s $200 million ecosystem development fund, sending a strong signal that major investors were still keen to back emerging projects on alternative blockchain networks. With the investment, Binance Labs joins other prominent VC firms in supporting the Oasis Network, an alternative smart contract platform that....
Binance is the largest exchange platform in trading volume within the crypto industry. Through its user-friendly interface, the exchange has over 20 million users. In addition, the platform supports several cryptocurrencies that would boost an investor’s portfolio. In its move to enhanced performance and services to customers, Binance has a strategic investment of $12 million through its venture capital arm. The investment is in a liquidity platform, WOO Network. This liquidity platform connects users to exchanges, DeFi networks, and other institutions. Binance Labs, which kicked off in....