Binance Labs, the venture arm and incubator of the leading global cryptocurrency exchange Binance, has just led the $2.4M series A funding round for Plasm Network, a multi-VMs scalable smart contract platform on Polkadot, according to the press release shared by Binance.
Plasm Network, which is the first investment mande under Binance Lab's $10 Million fund to support projects in the Polkadot ecosystem, is a scalable, interoperable and EVM-compatible infrastructure built on top of the Substrate framework with the support of layer 2 solutions like Optimism Virtual Machine (OVM) and Zk Rollups.
The investment will reportedly be used by Plasm Network to accelerate research and development, expand resources and business development and bridge the Binance and Polkadot communities.
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The funding round is part of Binance Labs’ ongoing initiative to support and foster innovations in Polkadot infrastructure projects and startups. Other participants in the funding round include HashKey, PAKA Ventures, Digital Finance Group and LongHash.