Plasma, an crypto-startup startup of a Bitcoin-based blockchain designed specifically for Stablecoins, raised $ 20 million to continue its development, the company announced on Thursday.
The fundraising cycle has been led by Framework Ventures and will support the Testnet and Mainnet launches of Plasma, as well as its expansion in funding, payments and DEFI applications, the team said.
The investment followed a round of $ 4 million with the first donors, notably Bitfinex, the CEO of the stable transmitter, Paolo Ardodino, the venture capital Peter Thiel and the eminent traders of Crypto Cobie and Zaheer Ebtikar , also known as Split Capital.
Stablecoins have become a dominant force in the crypto exceeding $ 220 billion in offers and are increasingly used for daily payments and savings. While Bitcoin is the oldest blockchain, most of the Stablecoin activity occurs on more recent channels like Ethereum, Tron and Solana.
Plasma is designed to be a scale on the Bitcoin blockchain with complete compatibility with the Ethereum virtual machine (EVM), which underpins a large part of the decentralized financial activity. The team said that it was aimed at meeting the challenges faced by stablecoins on existing blockchains, such as high costs and scalability limits by taking advantage of Bitcoin security and offering USDT transactions zero.
“The Stablecoins are the clear winner of the blockchain adoption, but they are treated as second -class citizens on current blockchains,” said Paul Faecks, founder and CEO of Plasma, in a press release. “By taking advantage of Bitcoin as a foundation, USDT transfers at zero fresh, alongside an ecosystem and an infrastructure specially designed for stablescoins with deep liquidity, plasma creates the most secure, evolving and efficient blockchain for Stablecoins on the market. “
