Peter Thiel-Backed Plasma Raises $20M to Develop Bitcoin-Based Network for Stablecoins

Quick Summary:

The project, which also claims Tether's Paolo Ardoino as an investor, aims to enhance stablecoin adoption through a Bitcoin sidechain that allows zero-fee USDT transactions.

"By leveraging Bitcoin as a foundation, zero-fee USDT transfers, alongside a purpose-built ecosystem and infrastructure for stablecoins with deep liquidity, Plasma creates the most secure, scalable, and efficient blockchain for stablecoins on the market.

The fundraising round was led by Framework Ventures and will support Plasma’s testnet and mainnet launches, as well as its expansion into remittances, payments and DeFi applications, the team said.

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Article Details

Author / Journalist: Krisztian Sandor

Category: Crypto

Markets: United StatesCuba

Topics: Plasma Bitcoin Tether USDT Finance Stablecoin

Source Website Secure: Yes (HTTPS)

News Sentiment: Neutral

Fact Checked: Legitimate

Article Type: News Report

Published On: 2025-02-13 @ 15:46:56 (11 hours ago)

News Timezone: GMT -5:00

News Source URL: coindesk.com

Language: English

Article Length: 253 words

Reading Time: 2 minutes read

Sentences: 20 lines

Sentence Length: 13 words per sentence (average)

Platforms: Desktop Web, Mobile Web, iOS App, Android App

Copyright Owner: © CoinDesk

News ID: 26122020

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