Plume Network, an innovative Layer-2 solution built on the Ethereum Virtual Machine (EVM), has successfully secured $10 million in funding during its seed round. The funding was led by Haun Ventures, with participation from prominent firms such as Galaxy Ventures, Superscrypt, A Capital, SV Angel, Portal Ventures, and Reciprocal Ventures.
This substantial investment highlights the increasing interest in integrating real-world assets (RWAs) with blockchain technology, an area where Plume Network is setting new standards. The company’s mission is to enable the representation of any real-world asset on the blockchain, filling a significant gap in the market. Previously, the crypto industry lacked a permissionless blockchain that provided the necessary infrastructure to deploy various asset classes in a compliant manner. Plume Network aims to change this by offering a comprehensive solution that appeals to both traditional financial players and crypto-native users.
Revolutionizing the integration of real-world assets, Plume Network incorporates asset tokenization and compliance directly into its blockchain, along with specific modifications for RWAs. This approach simplifies the process of deploying assets, making it accessible to a wide range 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 witnessed remarkable growth, with over 80 RWA and decentralized finance (DeFi) projects actively building on its platform. These projects cover a diverse range of sectors, including collectibles, luxury goods, real estate, and complex financial instruments such as perpetual DEXs and borrow/lend protocols. This early adoption demonstrates the strong market demand for Plume’s offerings and its potential to significantly impact the use of RWAs in DeFi.
In an exciting development, Plume recently announced its $10 million seed round, led by Haun Ventures and supported by Galaxy Ventures, Superscrypt, Selini Capital, Reciprocal Ventures, Portal Ventures, SV Angel, A Capital, and more.
Chris Yin, CEO and Co-founder of Plume, emphasized the company’s unique position in the market. Unlike other platforms that choose permissioned environments for tokenization, Plume maintains a crypto-first, permissionless approach. This enables seamless compliance and easy interaction with assets and capital, bridging the gap between large institutions and retail investors. The network’s modular EVM-based Layer-2 and comprehensive tokenization engine play a crucial role in providing a user-friendly experience.
Driving these technological advancements is a team comprised of individuals from leading firms in the Web3 and traditional finance sectors, including Coinbase, Binance, Robinhood Crypto, dYdX, JP Morgan, and LayerZero.
Teddy Pornprinya, Co-founder of Plume and former member of Coinbase Ventures and Binance, emphasized the evolving view of tokenized RWAs. The market now 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.