Binance Labs invests in Polkadot’s project

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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.

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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.”


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