Stablecoin company Plasma completes $24 million in financing, led by Framework Ventures, with participation from cryptocurrency exchange Bitfinex, renowned venture capitalist Peter Thiel, and Tether CEO Paolo Ardoino.

Plasma plans to launch its own blockchain in the coming months. Plasma co-founder Paul Faecks stated that the project is developed based on the Bitcoin blockchain, utilizing a unique consensus mechanism, focusing on optimizing stablecoin transaction efficiency, and will support DeFi protocols such as Curve, Ethena, and Aave.

Plasma is a scalable payment and financial infrastructure on Bitcoin. Plasma is built on a native UTXO foundation, allowing gas fees to be paid with BTC and seamlessly collaborating with existing Bitcoin infrastructure. By leveraging a hybrid UTXO/account architecture, users can unlock new features for holding, staking, and deploying their Bitcoin.