Quick take:
The oversubscribed token sale was completed in just 10 days and values Plasma at $500 million.
The company plans to use some of the capital to implement free USDT transfer services.
Plasma sold 1% of its 1 billion XPL token supply as part of the raise, according to the announcement on Monday.
Plasma, the bitcoin-based layer-1 blockchain that focuses on stablecoins, has raised $373 million in a token round conducted over 10 days. The fundraising values the company at $500 million and features a 1% sale of Plasma’s 1 billion XPL token supply to early participants.
Some of the capital will go towards implementing the company’s mission of free USDT transfers.
The round was massively oversubscribed, coming in seven times the initial $50 million that the company sought to raise. According to the announcement, about 3,000 unique wallets participated, contributing an average commitment of $83,629 per address.
“The success of the XPL public sale proves that people want what Plasma is building: a low-cost, fast, programmable blockchain that helps people send and receive stablecoins globally,” Paul Faecks, founder of Plasma, said in a statement. “At a time when global regulators are focused on digital assets, and specifically stablecoins, Plasma is delivering critical infrastructure that will spur institutional adoption, potentially bringing trillions of dollars on-chain.”
The fundraising comes timely following the signing into law of the GENIUS Act on July 18. The GENIUS Act provides a framework for running digital assets businesses in fiat-pegged cryptocurrencies.
The company also secured a $24 million Series A round led by Framework Ventures, with participation from Bitfinex and Peter Thiel’s Founders Fund. Plasma also raised $500 million in a token sale announced in June.
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The post Stablecoin-Focused Layer-1 Blockchain, Plamsa, Bags $373M Token Sale appeared first on NFTgators .