October 18, 2024
Plasma Network has raised $3.5 million in a funding round led by Bitfinex, with additional support from investors like Christian Angermayer and venture firms such as Split Capital, Anthos Capital, Karatage, and Manifold Trading. This funding aims to improve access to Tether’s stablecoin, which has been less accessible on Bitcoin since the closure of USDT on the Bitcoin-based Omni Layer in 2023. Paolo Ardoino, the CTO of Bitfinex and CEO of Tether, is also backing the project.
Project | Latest Raise | Latest Raise Date | Lead Investor | Category |
|---|---|---|---|---|
Plasma | $3.5M | October 18, 2024 | Bitfinex | EVM, Bitcoin |
Plasma founder Paul Faecks mentioned that they believe Bitcoin’s core principles will remain unchanged. He also expressed a lack of enthusiasm for current and upcoming experiments to introduce native smart contract functionality to Bitcoin, such as OP_CAT and covenants.
About Plasma
Plasma Network is a platform focused on enhancing access to Tether’s stablecoin, USDT, on the Bitcoin network. After the closure of USDT access on the Bitcoin-based Omni Layer in 2023, Plasma Network aims to bridge this gap by providing a more efficient and accessible solution. Plasma Network is dedicated to improving the usability and availability of stablecoins on Bitcoin, ensuring users can benefit from stable and reliable digital transactions.
Website: https://www.plasma.to/
About Investor
Investor: Bitfinex
Bitfinex is a leading cryptocurrency exchange that has been operating since 2012. It offers a wide range of digital asset trading services, including spot trading, margin trading, and futures trading. Known for its high liquidity and advanced trading features, Bitfinex caters to both individual traders and institutional investors. The platform supports a variety of cryptocurrencies and provides tools for secure and efficient trading, making it a popular choice for those looking to engage in the digital asset market.
Location: Taiwan
Website: https://www.bitfinex.com/
A central focus of investor activity in the cryptocurrency space is the evaluation of new crypto projects to invest in, particularly those with huge potential. This blog provides insight into what new ventures are benefiting from venture capital support (VC funding in crypto). These new crypto projects, funded by professional investors, can dictate the next narrative in crypto and the next big crypto movers.
Comments