Stablecoin firm Plasma raises $20m in Series A round

Plasma, a cryptographic platform supported by Peter Thiel, seeking to build a Bitcoin-based network for Stablecoins, announced that it had collected $ 20 million in its A series.

The venture capital company Framework Ventures led the last financing round of the Stitup Stablecoin, plasma said February 13.

The startup plans to use capital injection to support the Testnet and Mainnet launch of its network. The funds will also enter an initiative aimed at extending the presence of the company on the funding market market. The plasma also targets decentralized financial payments and financial ecosystems.

This investment brings the total VC increase in the startup at 24 million dollars, the platform having obtained $ 4 million in a previous round.

In addition to the prominent venture capital Peter Thiel, Plasma has the head of management of Tether Paolo Ardoino, the merchants of Crypto Zaheer Ebtikar and Cobie among his angels and advisers. Crypto Exchange Bitfinex led the Stablecoin Start-Coin $ 4 million In October 2024. In particular, donors on funding cycles include DRW / Cumberland, Bybit, 6th Man Ventures, Flow Traders and Nomura.

Plasma will offer a failure on Bitcoin (BTC), and be entirely compatible with Ethereum (Ethn) Virtual machine. The project aims to transform the DEFI ecosystem with solutions that help resolve key market challenges, including high costs, scalability and security.

Provides for a zero attachment (USDT) Transactions are a major objective of the design of the project blockchain.

“With strong growth in supply and users, we are entering a new traditional adoption phase for stablecoins. To take up this challenge, it is more important than ever to have a secure, decentralized and scalable infrastructure in place. Plasma is designed to provide these essential rails by taking advantage of Bitcoin as its safety layer, “said Ardoino.