Plasma Raises $3.5 Million Funding Round Led by Bitfinex

On October 18th, Plasma Network raised $3.5 million in its latest funding round, which was led by Bitfinex and included investor Christian Angermayer and a number of venture capital firms such as Split Capital, Anthos Capital, Karatage and Manifold Bitfinex CTO and Tether CEO Paolo Ardoino is also behind the project. The Plasma Network is an EVM-compatible blockchain capable of running any ethereum-compatible smart contract, with the goal of expanding USDT's payment capabilities on Bitcoin through a zero-fee payment channel.Plasma is also considering expanding into the Cosmos ecosystem in the future, but is currently focusing on the EVM side of the fence and hopes to augment the Bitcoin Network's payment and DeFi capabilities with this innovation.