Peter Thiel-Backed Stablecoin Firm Plasma Rakes In $20,000,000 in Series A Fundraising
A stablecoin agency backed by veteran investor Peter Thiel is raking in tens of tens of millions of {dollars} price of funds throughout a current fundraising occasion.
In a brand new thread on the social media platform X, Plasma – an organization designing a Bitcoin (BTC)-based blockchain particularly tailor-made for stablecoins – says it has raised $24 million in a fundraising spherical led by crypto alternate Bitfinex and stablecoin issuer Tether (USDT).
In line with Plasma, stablecoin exercise on blockchains at the moment faces many challenges, including excessive transaction charges, centralization points, excessive transaction failure charges, and a scarcity of specialised options to assist the distinctive calls for of stablecoins.
“Over the previous few months, we’ve seen unprecedented ranges of pleasure about stablecoins, each from conventional monetary establishments and the general public sector. But, regardless of this explosion of curiosity and development, the stablecoin market faces a significant impediment: legacy blockchains are limiting their charge of adoption…
Plasma is fixing these challenges with a purpose-built blockchain that can drive international stablecoin adoption to the subsequent stage and unlock trillions of {dollars} onchain. Engineered from the bottom as much as tackle the distinctive wants of stablecoins, Plasma supplies a scalable, environment friendly, and safe basis for the subsequent era of cash motion.”
The agency goes on to say that the primary product obtainable over its protocol will probably be USDT, the most important stablecoin by market cap.
“We purpose to seize the trillion-dollar stablecoin alternative beginning with USDT, issued by Tether. USDT is the most important stablecoin worldwide and instructions practically a 70% market share.
Backed by Bitfinex and USDT0, Plasma allows zero-fee USDT transfers, making it probably the most environment friendly and scalable blockchain for stablecoin funds obtainable.”
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