Plume Network, a pioneering Layer-2 solution built on Ethereum Virtual Machine (EVM), has successfully raised $10 million in a seed funding round. The round was led by Haun Ventures and saw participation from other notable firms including Galaxy Ventures, Superscrypt, A Capital, SV Angel, Portal Ventures, and Reciprocal Ventures.
This significant investment underscores the growing interest in integrating real-world assets (RWAs) with blockchain technology, a field where Plume Network is setting new standards.
The company’s mission is to facilitate the on-chain representation of any real-world asset, addressing a significant gap in the market. Until now, the crypto industry lacked a permissionless blockchain with the complete infrastructure needed to deploy various asset classes in a compliant manner. Plume Network aims to change this by offering a full-stack solution that appeals to both traditional financial players and crypto-native users.
Revolutionizing Real-World Asset Integration
Plume Network’s approach involves integrating asset tokenization and compliance directly into its blockchain, coupled with specific modifications for RWAs. This strategy simplifies the process of deploying assets, making it accessible for a wide array of market participants, from institutional investors to individual users.
The network supports a dynamic ecosystem that allows for various interactions with RWAs, including yield earning, borrowing, lending, trading, and leveraged speculation.
During its testnet phase, Plume has already demonstrated impressive growth, with over 80 RWA and decentralized finance (DeFi) projects actively building on its platform. These projects range from collectibles and luxury goods to real estate and complex financial instruments like perpetual DEXs and borrow/lend protocols. This early adoption indicates strong market demand for Plume’s offerings and its potential to significantly impact how RWAs are used in DeFi.
Attention all Plume Goons🫡
We’re super excited to announce our $10M seed round led by @HaunVentures, with support from @galaxyhq, @Superscrypt, @SeliniCapital, @recvcx, @PortalVentures, @svangel, a_capital, and more!
🧵 pic.twitter.com/5sSUNuqa4O
— Plume Network (@plumenetwork) May 23, 2024
Strategic Leadership and Expansion Plans
Chris Yin, CEO and Co-founder of Plume, emphasized the unique position of Plume in the market. Unlike other platforms that opt for permissioned environments for tokenization, Plume maintains a crypto-first, permissionless approach.
This allows for seamless compliance and easy asset and capital interaction, bridging the gap between large institutions and retail investors. The network’s modular EVM-based Layer-2 and comprehensive tokenization engine are key to this user-friendly experience.
Supporting these technological advancements is a team composed of individuals from leading firms in both the Web3 space and traditional finance, including Coinbase, Binance, Robinhood Crypto, dYdX, JP Morgan, and LayerZero.
Teddy Pornprinya, Co-founder of Plume and former member of Coinbase Ventures and Binance, highlighted that the traditional view of tokenized RWAs has evolved. Today’s market demands crypto use cases that involve RWAs in more interactive ways, and Plume facilitates these interactions by enabling trading, yield earning, and speculation with any real-world asset.
