- $10 million in seed funding has been raised by Plume Network from Haun Ventures, Galaxy Ventures, and other investors.
- Beyond simply securities, the Layer 2 network with a RWA focus seeks to tokenize assets.
In a seed fundraising round headed by Haun Ventures, Plume Network, a modular Layer 2 network devoted to bringing real-world assets (RWAs) on-chain, raised $10 million.
According to Plume on Thursday, there were other investors in the round, including Galaxy Ventures, Superscrypt, A Capital, SV Angel, Portal Ventures, and Reciprocal Ventures. Participating angel investors included Wormhole Labs’ Anthony Ramirez, Eigenlayer’s Calvin Liu, Initia’s Ezaan “Zon” Mangalji, Mechanism’s Andrew Kang, Jeff Feng, and Sei Network’s Jayendra Jog.
CEO and co-founder Chris Yin told The Block that Plume Network has already raised $2 million since its founding earlier this year.
After starting discussions with investors in April to secure additional capital, the business raised four times as much as anticipated and closed the round earlier this month, according to Yin.
Although Plume filed a regulatory filing with the U.S. Securities and Exchange Commission in February stating that it had funded $1.6 million through a simple agreement for future equity (SAFE) with token warrants round, he declined to comment on the round’s structure.
According to Yin, the $2 million investment is a portion of the $10 million seed round that was just announced. Regarding the valuation and if any investors have assumed advisory or directing roles on the board, he declined to answer.
Plume Network: What is it?
Plume is a RWA-focused Layer 2 network that is modular and interoperable with the Ethereum Virtual Machine (EVM). Plume asserts that its platform will enable users to do activities associated with RWAs, such as earning yield, borrowing/lending, trading, and leveraged speculation.
“To date, there has not been a permissionless blockchain equipped with full-stack RWA infrastructure to deploy any asset class compliantly,” the company says.
Plume claims to have over 80 RWA and DeFi projects already underway, developing on its network in fields like real estate, luxury goods, collectibles, borrow/lend protocols, alternative assets, synthetics, and everlasting decentralized exchanges. The network is currently in a private testnet.
According to Yin, RWA entails more than merely tokenizing assets. One of our protocols, for instance, enables you to remove large leverage on RWAs, allowing you to remove a 50x leverage long on Pokemon cards. He added that instead of tokenizing each card, data will be pulled in.
When you follow that line of thinking, the really exciting part is that you can build marketplaces around brand-new, nonexistent products.
According to Yin, Plume integrates Office of Foreign Assets Control, anti-money laundering, and “know your customer” (KYC) regulations into the chain to guarantee compliance, particularly for traditional assets.
For its EVM Layer 2 chain, Plume employs Arbitrum Orbit and Celestia TIA -4.46% for data availability. According to Yin, the present stack guarantees RWA chain-level updates, compatibility with the great majority of blockchain protocols, quick transactions, and the lowest transaction fees.
Timeline for the launch of Plume Network
For the past few months, Plume has been operating a private testnet and is now moving on to the next stage. According to Yin, the mainnet will go live later this year, after the introduction of its open incentive testnet in the coming weeks.
Presently, Plume has roughly 20 employees from places like JPMorgan, dYdX, LayerZero, Robinhood Crypto, Coinbase, and Binance. Yin intends to increase staffing in engineering, go-to-market, and community responsibilities with the additional funds.
Disclaimer : This article was created for informational purposes only and should not be taken as investment advice. An asset’s past performance does not predict its future returns. Before making an investment, please conduct your own research, as digital assets like cryptocurrencies are highly risky and volatile financial instruments.
