Plasma, a Peter Theal-supported Crypto platform, which is looking to construct a bitcoin-based network for stabechoin, has announced that he has raised $ 20 million in his series A round.
Venture Capital Firm Framework Ventures led the latest funding round of StableCoin Startup, Plasma Said On 13 February.
The startup plans to use capital injections to support the testnet and mannet launch of its network. Fund remittances will also go to an initiative to expand the company’s presence in the market. Plasm also targets payment and decentralized finance ecosystem.
This investment increases the total VC of the startup by $ 24 million, with the platform to acquire $ 4 million in the previous round.
In addition to the leading enterprise capitalist Peter Thiel, Plasma counted Tether’s CEO Paolo Erdoino, Crypto traders Zaheer Ibitikar and Kobi among their angels and advisors. Crypto Exchange Bitfinex led the $ 4 million round of StableCoin Startup in October 2024. In particular, in the era of financing, Backers include DRW/Cumberland, Bybit, 6th Man Ventures, Flow Traders and Nomura.
The plasma will offer a sidechain on the bitcoin (BTC), and the atherium (ETH) will be fully compatible with the virtual machine. The project aims to replace the DEFI ecosystem with solutions that help solve major market challenges including high fees, scalability and security.
Providing zero-fee for theri transactions is a major purpose of the blockchain design of the project.
“With the strong growth in both supply and users, we are entering a new phase of adopting mainstream for stablecoins. To meet this challenge, safe, decentralized and scalable in place is more important than ever for infrastructure. The plasma is designed to provide these necessary rails by taking advantage of bitcoin as its safety layer, “Ardoino said.
