Plasm Network nets $2.4 million in Binance Labs-led Series A

A hub for decentralized apps (dApps) on Polkadot has netted $2.4 million from investors, with Binance Labs leading the round.

Plasm Network will use the funding to develop its Ethereum bridge, on-chain governance and Network Portal, the team behind the project has said.

Plasm is a smart contract platform that supports transaction scaling through the use of second-layer technology, i.e. a system that sits atop the base-layer blockchain. Thus far, the project has been the first to deploy a smart contract on Polkadot's Rococo testnet. Polkadot went live last May, as previously reported, coming after several years of development.

Plasm closed its Series A with support from HashKey, LongHash, Digital Finance Group and PAKA Ventures among its investor base as well. 

Binance Labs' investment comes from its Polkadot-specific fund, which has up to $10 million to allocate to projects related to the proof-of-stake network.

"The first parachain connected to the Rococo-V1 Parachains Testnet is one of the most promising parachain candidates for Polkadot mainnet," said Wei Zhou, Head of Binance Labs. "By investing and supporting Plasm, we are demonstrating our commitment to supporting the growth and development of Polkadot ecosystem."

As The Block's John Dantoni explored in a recent research piece, the project ecosystem for Polkadot has grown since its inception. That deep-dive mapped out more than 120 projects centered around Polkadot, including Plasm.