Plume Raises $10M for First Layer-2 Blockchain for Real-World Assets
Blockchain startup Plume raises $10 million for RWA-focused layer-2 blockchain
As blockchain technology continues to gain mainstream acceptance, compliance-oriented crypto projects are gearing up for a potential surge in blockchain-based real-world assets (RWAs). One such startup, Plume, has secured $10 million in seed funding for what it claims will be the first layer-2 blockchain specifically designed for RWAs.
The funding round was led by Haun Ventures and saw participation from Galaxy Ventures, Superscrypt, A Capital, SV Angel, Portal Ventures, and Reciprocal Ventures. Plume’s Ethereum-based blockchain aims to simplify the process of bringing off-chain assets onto blockchains, such as real estate, art, and certain financial instruments.
According to a statement shared with CoinDesk, Plume’s platform will offer a comprehensive suite of features for managing RWAs, including earning yield, borrowing/lending, trading, and leveraging assets within the decentralized finance (DeFi) ecosystem. The underlying technology of Plume is based on Arbitrum Nitro, a framework for building layer-2 “rollup” chains that facilitate quick and low-fee transactions on Ethereum.
Plume co-founder Chris Yin emphasized the importance of streamlining the process of tokenizing real-world assets, noting that many protocols currently face significant delays in bringing assets on-chain. With Plume, Yin aims to standardize and simplify the process, offering a user-friendly interface for asset tokenization and management.
Currently, Plume has over 80 projects testing the deployment of real-world assets on its private network, including collectibles, private credit, and real estate. The startup plans to open its testnet to the public within the next month, with a full release expected to follow.
As the regulatory landscape for blockchain and crypto projects evolves, startups like Plume are positioning themselves to capitalize on the growing demand for compliant and efficient solutions for managing real-world assets on the blockchain.
