Plasma provokes Crypto project $ 20 million to develop a bitcoin -based network for stablecoins

The company said on Thursday that the plasma, an emerging encryption company, is building a Bitcoin -based Bitcoin based on Stablecoins, which raised $ 20 million to enhance its development.

The team said that the fundraising tour was led by Framework Ventures and will support the launch of Plasma Testnet and Mainnet, as well as its expansion in transfers, payments and Defi applications.

This investment followed a $ 4 million tour with the first supporters including Bitfinex, head of Stablecoin, CEO of Tether Paolo Ardoino, PEER Thiel, Cobie and Zaheer Ebtikar, also known as Split Capital.

Stablecoins has become a dominant coding force exceeding $ 220 billion in the offer, and is increasingly used for daily payments and savings. While Bitcoin is the tallest Blockchain that it runs, most Stablecoin activity occurs on newer chains such as ETHEREUM, TON and Solana.

The plasma is designed to be Sidechain on Blockchain Bitcoin with a full compatibility with the ETHEREUM virtual system (EVM), which supports a large part of the decentralized financing activity. The team said they aim to face the challenges facing Stablecoins on the current Blockchains, such as high fees and expansion limits by taking advantage of Bitcoin safety and providing zero USDT transactions.

“Stablecoins is the clear winner of Blockchain’s adoption, however they are treated as second -class citizens in the current Blockchains,” Paul Photix, founder and director of the Plasma Executive, said in a statement. “By taking advantage of Bitcoin as a basis, it transports USDT, along with the ecosystem that has been created for this purpose and the infrastructure of the nails with deep liquidity, the plasma creates the safest and most effective and effective basin in the market.”