Plasma Secures $20 Million to Develop Bitcoin-Based Blockchain for Stablecoins

Plasma, a crypto startup focused on building a Bitcoin-based blockchain for stablecoins, announced on Thursday that it has raised $20 million to advance its development. Led by Framework Ventures, the funding will support Plasma's testnet and mainnet launches, as well as expansion into remittances, payments, and DeFi applications. This investment follows a previous $4 million round with backers including Bitfinex and Tether's CEO Paolo Ardoino. Plasma aims to address scalability and fee issues faced by stablecoins on blockchains like Ethereum by leveraging Bitcoin's security and offering zero-fee USDT transactions.