According to Foresight News, The Block reported that the team behind the Bitcoin-centric, EVM-compatible Plasma chain has completed a $3.5 million financing round, led by Bitfinex, with participation from Bitfinex CTO and Tether CEO Paolo Ardoino, serial investor Christian Angermayer, and venture capital firms Split Capital, Anthos Capital, Karatage, and Manifold Trading.
Plasma focuses on expanding the use of USDT stablecoins on Bitcoin. Plasma will be fully compatible with the Ethereum Virtual Machine, which means it can run any smart contract compatible with Ethereum to provide solutions for expanding Bitcoin functionality. Plasma is trying to integrate the native UTXO foundation, allowing network gas fees to be paid in Bitcoin, while combining Ethereum's account-based model.
