Plasm & Shiden’s Stake Technologies Closes $10M Strategic Fundraise

Stake Technologies, the core company behind Plasm Network and Shiden Network, thrilled to announced a $10M fundraise led by Fenbushi Capital, with participation from other prominent investors including Hypersphere Ventures, Gumi Cryptos, IOSG Ventures, TRG Capital, AU21 Capital, Digital Strategies, SNZ, Digital Strategies, Sub0 Capital, Altnomy, East Ventures and others. The round was also joined by notable angel investors including Nobuyuki Idei, ex-CEO and Chairman of SONY.

Stake Technologies is conducting a successful Parachain Lease Offering (PLO) both on Kusama, through the Shiden Network parachain, and Polkadot, with the main Plasm Network chain. With the lease auctions on Kusama coming soon, the funds raised in the latest round will serve as a deep war chest for conducting a powerful campaign and securing the parachain slot.

Stake Technologies has adopted a crowdloan-centric strategy for winning the Shiden parachain lease, incentivizing $KSM holders to contribute as early as possible because of the nature of the Parachain auction. Up to 22% of the total supply of SDN will be distributed in the first crowdloan, with 2% reserved for early bird bonuses. KSM holders will still be able to submit their tokens to the network as long as the parachain auction is active and the slot hasn’t been secured.

The Plasm Network, and Shiden, aims to be the multi-chain DApp hubs of Polkadot and Kusama. The two networks will become the gateway for cross-chain assets from other networks, layer-two platforms and parachains. Plasm and Shiden are supporting smart contracts on Wasm and the EVM, allowing maximum flexibility for the developers.

About Plasm
Plasm Network is a DApps hub on Polkadot that supports Ethereum and layer 2 solutions like ZK Rollups. Plasm aims to be a multi-chain smart contract platform that will support multiple blockchains and virtual machines like EVM and WASM.