Binance Labs leads the first investment after establishing the Polkadot ecosystem support fund, securing an investment of 2.6 billion won in Plasm Network

Binance Labs leads the first investment after establishing the Polkadot ecosystem support fund, securing an investment of 2.6 billion won in Plasm Network

Binance Labs, a venture capital and incubator affiliated with Binance, led the series A investment round worth 2.6 billion won ($2.4 million) of Plasm Network, a Polkadot Layer 2 scalability protocol, and participated as a strategic investor. This is the first investment since the establishment of the Polkadot ecosystem support fund (1) worth 11.1 billion won ($10 million) that Binance announced at the end of last year.

HashKey, PAKA Ventures, Digital Finance Group, and LongHash participated in the investment round led by Binance Labs.

With this investment, Plasm Network accelerates R&D, recruits manpower and expands business development, and plays a role in connecting Binance and the Polkadot community.

Wei Zhuo, director of Binance Labs, said, “I was impressed by seeing the growth of the Plasma Network since its launch. It is the first Parachain connected to the Rococo-V1(2) ParaChain testnet, and the Polkadot mainnet It is also one of the promising parachain candidates.” “I think it shows our commitment to support the growth and development of the Polkadot ecosystem by investing in and supporting the Plasma Network.”

“We are pleased to be able to invite Binance to the Plasma Ecosystem,” said “It is an honor to be the first investment target of Binance Labs’ Polkadot Ecosystem Support Fund to be the Plasma Network.” . He said, “With the support of Binance Labs, we will do our best to make Plasm become the DApp hub of Polkadot and become the first Kusama (3) and Polkadot Parachain.” “I want to open the web 3.0 era with Binance. I said.

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Author/ Translator: Jamie Kim
Bio: Jamie Kim is a technology journalist. Raised in Hong Kong and always vocal at heart. She aims to share her expertise with the readers at blockreview.net. Kim is a Bitcoin maximalist who believes with unwavering conviction that Bitcoin is the only cryptocurrency – in fact, currency – worth caring about.