In addition to the development experienced by Bitcoin, altcoins have also been levelling up. One of the big altcoins on the Polkadot DOT token market has been growing since the beginning of the year with a minor consolidation. With a market capitalisation of $19.22 billion, the digital asset was traded at $21.20, near to its all-time high of $21.54.
Due to the popularity of the project, one of the largest cryptocurrency exchanges in the world, Binance has seized the opportunity to support Polkadot’s infrastructure projects and start-ups.
According to a release, Binance Labs led the $2.4 million A funding round for Plasm Network, a multi-VM smart contract scalable platform on Polkadot. This marked Binance’s first contribution in Binance Labs’ $10 million fund to support the Polkadot ecosystem. Other influential names to join Binance in the investment round included HashKey, PAKA Ventures, Digital Finance Group, and LongHash.
According to the Chief of Binance Laboratories, Wei Zhou:
“We have been very impressed by Plasm Network’s growth since its launch. It is the first parachain that connected to the Rococo-V1 Parachains Testnet and 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 Polkadot ecosystem.”
Binance had previously announced a $10 million fund to allow groundbreaking projects to be developed around Polkadot. The Fund served as a broader pledge under Binance Launchpool to bring the experience of [DeFi] decentralised finance to Binance users.
Including the Plasm Network, Polkadot is funding over 300 projects in its ecosystem. With the project receiving funding from Binance Labs, it will focus on its immediate objectives. One of these aims was to make the Plasm dApps centre in Polkadot the first Kusama and Polkadot parachute.
The founder of the Plasm Network, Sota Watanabe, said, “Together with Binance, we will open the era of Web3.0.”
307 Interactions, 4 today
Aave had made some sluggish progress after the $345 safety, while Dash was in a solid uptrend and attempted to Read more
Chiliz moved rangebound and was supposed to stay within a fixed channel in the short term. Dogecoin reached yet another Read more
Polkadot could soon convert the $42 level to help and begin to rise. SushiSwap was heading downward but could display Read more
Historically, the altcoin sector has seen a close association with Bitcoin's price results. However, over the last few days, multiple Read more
Since the beginning of the year, the Polkadot market has increased in volume by at least 368 percent. Though it Read more
Through most of April, the dominant trend has been set by the market's altcoins, with much of the industry's cryptos Read more
Polkadot futures open interest surpassed $1 billion, surpassing Litecoin and XRP to become the third-largest futures exchange. Polkadot's DOT token's Read more
One of the crypto-long-standing market's certainties is Bitcoin's association with the industry's altcoins. As has always been the case, the Read more
The ETH/BTC pair has stopped trending downward and has actually made gains in recent days, flashing a buy signal across Read more
Aave's goal was to shift the $390-region from supply to demand. Dash and Polkadot approached stiff resistance with bullish momentum, Read more
Enjin is expected to unleash the first-ever nonfungible token (NFT) blockchain based on Polkadot in the middle of the exponentially Read more
Because of Bitcoin's market success in recent weeks and months, many crypto-proponents have expanded on what they expect from the Read more