Billionaire Peter Theil-Backed Crypto Startup Plasma Raises $20M To Develop Bitcoin-Based Stablecoin Network
Crypto startup Plasma has successfully raised $20 million in a funding round. The funds will be used to develop a Bitcoin-based blockchain specifically for stablecoins.
What Happened: The fundraising round, spearheaded by Framework Ventures, will support the launch of Plasma’s testnet and mainnet, reported Fortune on Thursday. It will also facilitate the company’s expansion into remittances, payments, and DeFi applications. This follows an earlier $4 million round with early backers including Bitfinex, Paolo Ardoino, CEO of Tether (CRYPTO: USDT), billionaire venture capitalist Peter Thiel, and well-known cryptocurrency traders Cobie and Zaheer Ebtikar of Split Capital.
Plasma aims to overcome the challenges that stablecoins face on current blockchains, including high fees and scalability constraints. By utilizing Bitcoin’s (CRYPTO:
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