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Binance Labs has led a $ 2.4 million Series A funding round for the Polkadot-based smart contract platform Plasm Network.

Plasm Network’s funding round is the first investment made with Binance Labs’ $ 10 million fund to support projects in the Polkadot Ecosystem. Plasm is a leading parachain candidate on Polkadot supporting Ethereum and Layer-2 scaling solutions.

Binance Labs is the venture capital and incubator arm of crypto exchange giant Binance. In December 2020, Binance Labs led a $ 12 million round of funding for MATH, a multi-chain asset hub behind MathWallet. In August of the same year, it made a strategic investment in the decentralized streaming protocol Audius.

According to the AnnouncementBinance Lab’s investment will enable Plasm Network to develop on-chain governance, bridge the Polkadot and Ethereum networks, and accelerate research and development.

Plasm has also raised money from notable crypto notables HashKey, LongHash, Digital Finance Group and PAKA Ventures.

Polkadot is a high-throughput blockchain network that uses a multi-chain approach to achieve greater scalability than networks built on top of a single blockchain.

Wei Zhou, Head of Binance Labs, praised the network for its recent achievements and stated;

“We have been very impressed with the growth of Plasm Network since its launch. The first parachain connected to the Rococo-V1 Parachains Testnet is one of the most promising parachain candidates for Polkadot mainnet. By investing and supporting Plasm, we demonstrate our commitment to supporting the growth and development of [the] Polkadot Ecosystem. “

Plasm recently won the first Polkadot testnet parachain slot, deploying the very first smart contract on Polkadot’s “Rococo” testnet.

The news probably got a boost Polkadot’s original token, DOT, which at the time of writing had just hit a record high of $ 23.90 after gaining 20% ​​in 24 hours.