PANews reported on February 13 that according to Fortune magazine, the stablecoin company Plasma announced that it has raised $24 million in its first round of funding, led by Framework Ventures, with participation from cryptocurrency exchange Bitfinex, renowned venture capitalist Peter Thiel, and Tether CEO Paolo Ardoino.
According to the report, Plasma is building a blockchain tailored for the most popular stablecoin, and plans to launch it in the coming months. The blockchain aims to attract stablecoin users by offering zero-fee USDT transactions. Plasma's co-founder Paul Faecks said he chose to build on the Bitcoin blockchain because it is considered one of the most secure and decentralized blockchains. Although the two chains are interconnected, Plasma has its own consensus mechanism - a set of rules that determine the scalability, security, and decentralization of the blockchain.
