Along with the growth witnessed by Bitcoin, altcoins have been leveling up too. One of the major altcoins in the market Polkadot’s DOT token has been surging since the beginning of the year with mild consolidation. With a market capitalization of $19.22 billion, the digital asset was being traded at $21.20, close to its all-time high of $21.54.
Due to such popularity of the project, one of the largest cryptocurrency exchanges in the world, Binance seized the opportunity to support Polkadot’s infrastructure projects and startups.
According to a release shared with AMBCrypto, Binance Labs led the $2.4 million series A funding round for Plasm Network, a multi-VMs scalable smart contract platform on Polkadot. This marked Binance’s first investment under Binance Labs’ $10 million fund to support the Polkadot ecosystem. Other prominent names to join Binance in the investment round were HashKey, PAKA Ventures, Digital Finance Group, and LongHash.
According to the Head of Binance Labs, Wei Zhou: