Binance Labs Announce Investment In Polkadot Project

Along with the growth that Bitcoin is witnessing, altcoins have also leveled up. One of the major altcoins on the market, the Polkadot DOT token has surged since the start of the year with mild consolidation. With a market cap of $19.22 billion, the digital asset is trading at $21.20, near an all-time high of $21.54.

Due to the popularity of the project, one of the largest cryptocurrency exchanges in the world, Binance took the opportunity to support the infrastructure project and startup Polkadot.

According to a release shared with cryptomedia, Binance Labs is leading a $2.4 million series A funding round for Plasm Network, a scalable, multi-VM smart contract platform on Polkadot. This marks Binance’s first investment under Binance Labs’ $10 million fund to support the Polkadot ecosystem. Other prominent names to join Binance in the investment round are HashKey, PAKA Ventures, Digital Finance Group, and LongHash.

“We have been very impressed with the growth of Plasm Network since its launch. It is the first parachain to connect to the Rococo-V1 Parachains Testnet and is one of the most promising parachain candidates for the Polkadot mainnet. By investing in and supporting Plasm, we demonstrate our commitment to supporting the growth and development of the Polkadot ecosystem. ”

According to Binance Lab Head, Wei Zhou

Binance had previously announced a $10 million fund to enable innovative projects to be built around Polkadot. This fund acts as a broader commitment under Binance Launchpool to deliver financial experiences [DeFi] decentralized to Binance users.

Including the Plasm Network, Polkadot supports more than 300 projects in its ecosystem. By receiving support from Binance Labs, this project will focus on its immediate goals. One of them is to make Plasm dApps a hub on Polkadot and become the first Kusama and Polkadot Parachain.

Plasm Network founder Sota Watanabe stated, “Together with Binance, we will open the era of Web3.0.”

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