Binance Labs, the blockchain incubator, has become the lead investor in Plasm Network, a smart-contract platform on the Polkadot blockchain, with support for the Ethereum Virtual Machine and Layer 2 solutions. This is stated in a press release.
Plasm Network offers scalable interoperable infrastructure built on Parity’s Substrate framework and supports such solutions as Optimism Virtual Machine and ZK-Rollups.
This marks Binance Labs’ first investment in Polkadot ecosystem projects. The funding round also included HashKey, PAKA Ventures, Digital Finance Group, and LongHash.
“We were impressed by the success of Plasm Network. It is one of the most promising parachain candidates for Polkadot’s mainnet. By investing in and supporting Plasm, we help the ecosystem grow,” said Wei Zhou, head of Binance Labs.
The team will deploy the raised funds toward research, business development, and the integration of the Binance and Polkadot communities.
Earlier in October, Binance Labs became the lead investor in the decentralized streaming protocol Audius.
Around the same time, the blockchain platform Robonomics Network valued a two-year lease of a slot on Kusama and Polkadot at $480,000 and $3.2 million respectively.
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