Japan-based public blockchain Plasma Network raises 1.1 billion yen from Polkadot founder fund and prominent angel investors with Fenbushi Capital as lead investor

By June 11, 2021Polkadot
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Stake Technologies Pte Ltd
Japan-based public blockchain Plasma Network raises 1.1 billion yen from Polkadot founder fund and prominent angel investors with Fenbushi Capital as lead investor
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Stake Technologies Pte Ltd (Singapore, CEO Watanabe Sota), a leader in the development of Plasm Network and Shiden Network, which are public blockchains originating in Japan, has Fenbushi Capital as a lead investor Polkadot We are pleased to announce that we have raised a total of approximately 1.1 billion yen (*) from Hypersphere Ventures, a well-known angel investor, and a grant from the Web3 Foundation, which was established by the co-founder. (*) Raised as development funds including operational profit after procurement

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■ Investors who participated in this round
In the previous rounds, we have raised funds from the following investors. (* This announcement includes multiple rounds that have not been announced yet.)
Fenbushi Capital
A VC specializing in blockchain and crypto, which was selected as No. 1 in China in the investment performance ranking from 2014 to 2019 by major US research institute CB Insights. Ethereum founder Vitalik Buterin and others are participating as advisors.
Hypersphere Ventures
A US-based VC founded by Polkadot co-founder Robert Habermeier and former Web3 Foundation executive Jack Platts.
Gumi Cryptos Capital
A VC specializing in blockchain with offices in San Francisco and Tokyo. So far, we have invested in 1inch.network, OpenSea, Theta, Origin Protocol, SpaceMesh, Agoric, VEGA protocol, etc.
TRG Capital
A VC investing in the Web3.0 area based in Europe. Selected by Cointelegraph as the most active blockchain investor in 2020. AU21 Capital
A global VC based in the United States, founded by former Houbi general manager and members such as former ConsenSys and former Galaxy Digital. He has invested in Polkadot, Chainlink, Synthetix, Covalent, The Graph and more.
Digital Strategies
A VC founded by the co-founder of Polymath based in Europe. Invests in Casperlabs (lead), Keep, etc.
Sub0 Capital
A VC that specializes in investing in the Polkadot ecosystem. It operates a well-known media specializing in Polkadot in China. SNZ Holdings
A blockchain and crypto-specialized VC based in Shanghai, China. It has invested in Acala, Balancer, Brave, ConsenSys, etc.
Altonomy
A global OTC farm founded by people from Goldman Sachs, Citibank, Morgan Stanley and CME Group.
East Ventures
Independent venture capital investing heavily in IT startups in Japan, Asia and the United States. We have invested in many of Japan’s leading Internet services.
Nobuyuki Idei
Quantum Leap Co., Ltd. Chairman and Founder. After retiring from Sony Chairman and Group CEO in 2005, he established Quantum Leap in 2006. As the chairman and founder of the company, he supports the
transformation of large corporations and the development of venture companies.
Mr. Yuki Uchiyama
Group CEO, Hotlink Co., Ltd. While attending the Graduate School of Engineering, Tokyo, he was involved in the development of Japan’s earliest search engine. Dropped out of the doctoral course,
established Hotlink Co., Ltd. in 2000, and became president. Toyotaka Sakai
Professor, Faculty of Economics, Keio University, Director of Economics Design Inc. Major is mechanism design. The authors are “suspicious of majority vote”, “cryptocurrency vs. nation” and others. ■ Background of financing
Since its establishment in 2019, we have consistently promoted research and development of public blockchains and development of public blockchains “Plasm Network” and “Shiden Network” originating in Japan. In order to break through the current situation where Japan lags far behind Western countries and China in the technology that will become the next-generation industrial base of public blockchain, the world’s leading crypto, blockchain investors and Japan in the United States, China and Europe We have raised funds from the leading investors. The funds raised this time will be used for product development, international recruitment, and expansion of the public blockchain ecosystem.
■ Investor comments
Fenbushi Capital Partner Remington Ong
“Since meeting with Stake Technologies and Longhash Accelerators in 2019, we have been consistently impressed with the team’s ability to iteratively implement its vision of bringing a scalable smart contract platform into the Polkadot ecosystem. For Kusama Network’s first slot auction, Fenbushi is pleased that Shiden Network and Plasma Network can support bids to become Kusama and Polkadot’s first parachain. Becoming a parachain is just the beginning. We hope that you will contribute to the development of the Web3 ecosystem. ”
Original: Since meeting Plasm team in 2019, when Stake Technologies was one of the very first teams building on Substrate in Longhash’s accelerator, we have been consistently impressed by the team’s ability to iterate and execute on their vision of bringing a scalable smart contract platform into the Polkadot ecosystem, ”said Remington Ong, partner at Fenbushi Capital.“ As we approach the first set of Kusama slot auctions, Fenbushi is excited to support the Shiden and Plasm Networks in their bids to become among the first Kusama and Polkadot parachains. Becoming a parachain just marks the beginning, and we look forward to the team’s continued contributions to the growth of the Web3 ecosystem. ”
Jack Platts, Hypersphere Ventures Partner, Former Web3 Foundation Executive “I’ve always been impressed with the technology of the Plasm team and I’m excited to help them as Polkadot’s parachain auction approaches. The multi-blockchain approach is that Plasma and Shiden are in the parachain ecosystem. It means making an important contribution to the whole, and their activities will also benefit other future parachains. ”
Original: “We were always impressed by the Plasm team’s technical prowess, and are excited to be backing them as parachain auctions approach. The multi-blockchain approach means that Plasm and Shiden will be key contributions to the overall parachain ecosystem, with their work benefiting every other future parachain as well. ” ■ About Plasm Network
Plasm Network is Japan’s first public blockchain that aims to solve the major issues facing public blockchains: interoperability and scalability. It solves these problems by connecting to Polkadot, which connects different blockchains. It also supports Ethereum Virtual Machine, and smart contracts deployed on Ethereum can be used on the Plasma Network.
In January of this year, Polkadot succeeded in connecting to the test net for the first time in the world, and in the past, it received a total of 6 grants from Polkadot developers, which is the largest number in the Polkadot ecosystem, and the token distribution is equivalent to about 6.5 billion yen. We have a track record of locking ETH to smart contracts.

For more information on this release:
https://prtimes.jp/main/html/rd/p/000000005.000073525.html

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