Binance Funding in Polkadot Smart Contract Platform Plasm Network

Binance Funding in Polkadot Smart Contract Platform Plasm Network

By Novasky | CryptoEd | 11 Feb 2021


Polkadot ecosystem is growing every day. There are more than 300 projects so far built on the top of the Polkadot blockchain. One of the interesting smart contract project built on Polkadot network is Plasm. Plasm network is a dApp hub that allows the smart contract apps on the Polkadot blockchain. Lately this project is generating a lot of buzz. 

Last year Binance announced that they planned investment into various blockchain projects built on the top of the Polkadot blockchain. Yesterday Binance tweeted that they are lending $2.4 million Series A funding into smart contract platform, the Plasm network. 

 

 

Recently Plasm network upgraded to support multi currency on the Polkadot blockchain. Plasm is the first parachain on Polkadot that is connected to the Rococo-V1 test parachain network. This effort has kept their parachain into the market focus for the growth of the dApps on the Polkadot blockchain. 

Binance's DEFi efforts on the Polkadot blockchain started by funding into the Plasm network project. Plasm is going to use this fund for the growth of the bridge between the Ethereum and the Polkadot and on-chain governance. Some also speculate that Plasm network would bring the Kusama and Polkadot based  dApps on Binance. 

What this means for the investors?

Year 2021 has started with a lot of projects branching away from the ETH network. And now with the Polkadot's parachain capability a lot of bridging projects are being developed. In near future you can see that Polkadot would be supporting a lot of bridge chain projects and you'd be seeing a lot of blockchain neutral projects. 

Considering Binance is pretty strong network to financially support the projects on the Polkadot blockchain, the possibility for the Polkadot network for growth is now limitless. 

 

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Novasky
Novasky

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