Plume Network raises $10 million in seed funding

Key Takeaways

• Plume secured $10 million in a seed funding round led by Haun Ventures with participation from other prominent venture capitals such as Galaxy Ventures and A Capital.
• Plume is developing a layer 2 EVM specialized for bringing real-world assets (RWA) onto the blockchain.
• The platform offers a wide range of DeFi features, allowing users to earn, borrow, lend, and trade using RWA.

Plume has raised a $10 million seed funding round, establishing itself as the leading layer 2 Ethereum Virtual Machine (EVM) solution for bringing real-world assets (RWA) to the chain. This funding round was led by Haun Ventures and saw contributions from several high-profile investors including Galaxy Ventures, Superscrypt, A Capital, and others.

Plume’s unique selling proposition lies in its modular, permissionless blockchain architecture that addresses a critical gap in an industry that lacks a full-stack RWA infrastructure capable of compliantly deploying a variety of asset classes. This innovative approach not only promotes the utilization of blockchain technology by traditional financial institutions, but also meets the needs of cryptocurrency-based users through a variety of decentralized finance (DeFi) services.

Plume’s DeFi functionality allows users to engage in a variety of financial activities centered around RWA, including monetization, borrowing, lending, and leveraged trading. Integrating asset tokenization and compliance tools directly into blockchain simplifies the process for a variety of projects ranging from luxury goods to real estate and more.

Plume’s private testnet has experienced incredible growth, hosting over 80 RWA projects spanning collectibles, alt assets, synthetics, luxury goods, real estate, DeFi, and more. This traction highlights the demand and potential for such platforms in today’s market, where the intersection of traditional finance and decentralized applications continues to deepen.

Chris Yin, CEO and co-founder of Plume, said: “While many are attempting to address tokenization through permissioned environments, Plume stands out in that it prioritizes a crypto-first approach. Our modular, EVM-based L2 and end-to-end tokenization engine make it easy for everyone from large institutions to retail to onboard and interact with their assets and capital.”

“Plume Network provides custom tooling and an ecosystem designed specifically for RWAs of all types,” said Chris Ahn, Partner at Haun Ventures, which supports Plume’s vision. “This will reshape how the world interacts with and creates value from real-world assets.”

Plume’s team is comprised of individuals from well-known names in the Web3 space and traditional finance sectors such as Coinbase, Binance, Robinhood Crypto, dYdX, JP Morgan, and LayerZero, highlighting the strong expertise that will drive Plume’s trajectory.

Teddy Pornprinya, co-founder of Plume and former executive at Coinbase Ventures and Binance, pointed to the evolving landscape of RWAs in the cryptocurrency space.

“The traditional view of tokenized real-world assets is no longer interesting in today’s markets,” Teddy said in a statement. “What people are looking for today are cryptographic use cases involving RWA. Plume makes it easy to trade, earn, and speculate with real-world assets, allowing people to enjoy the benefits of both cryptocurrency and RWA exposure.”

Read: Outlier Ventures partners with Celo ecosystem to defactor RWA Base Camp Accelerator program.