Press "Enter" to skip to content

Stake of public blockchain “Plasm Network” development from Japan raises 1.1 billion yen

Cryptocurrency

Stake raises 1.1 billion yen

Stake Technologies Pte Ltd, which leads the development of public blockchains “Plasm Network” and “Shiden Network” from Japan, announced that it has raised a total of about 1.1 billion yen.

Fenbushi Capital will be the lead investor, and the fund launched by Polkadot’s co-founder and Nobuyuki Idei, the former chairman of Sony and currently chairman of Quantum Leap, will invest. The amount raised includes operational profits after procurement, and is expected to be used for product development, international recruitment of human resources, and expansion of the public blockchain ecosystem.

Plasm Network has been developed with the aim of improving interoperability and scalability, which are issues of public blockchain. By connecting as a Polkadot network aiming for interoperability of different blockchains, these two issues will be solved. The Plasma Network is also characterized by being compatible with the Ethereum (ETH) blockchain.

Relation: Polkadot that even beginners can understand | Explaining the mechanism and future potential

Stake Technologies has long pointed out that Japan is lagging behind in public blockchain technology. In this announcement, he explained that in order to change this situation, he raised funds from investors representing Europe, the United States, China, and Japan, which are leading the way in technology.

“I was impressed with the team’s ability to iterate and execute its vision of bringing a scalable smart contract platform into the Polkadot ecosystem,” said Remington Ong, a partner at Fenbushi Capital.

“We will also support you so that you can connect to Polkadot in the future. We hope that you will continue to contribute to the development of the Web3 ecosystem after the connection.”

The announcement also includes some information on investment rounds that had not been announced so far.

Attention from major companies

Stake Technologies has received a lot of attention from major companies.

In February of this year, it announced that it had raised about 250 million yen from the fund division of Binance, a major cryptocurrency exchange. Binance is the first to invest in a Polkadot ecosystem project, the Plasma Network said.

Relation: Five companies including Binance invested in the public blockchain “Plasm Network” from Japan ── Funding amount to about 250 million yen

Last month, Stake Technologies announced that it was adopted by Microsoft for Startups, a startup support program for Microsoft, a major US IT company.

He said he would work with Microsoft to make the Plasma Network a stronger network with technical development and business support.

Relation: To strengthen the public blockchain “Plasm Network” from Japan ── Stake adopted by Microsoft’s support program N https://imgs.coinpost-ext.com/uploads/2021/05/Stake-Technologies-Funding-640×336.png->

Author: K. Kobayashi
Reference: PR TIMES

Images used under Shutterstock license
“Cryptocurrency” means “cryptographic assets”

Disclaimer - OBN is an informational website which aims to give the latest blockchain related news to the readers. Articles on OBN should not be considered as investment advice. Trading cryptocurrencies is a high-risk investment, every user is advised to consult an expert before making any decisions.