Quick take:
The company is building an EVM-compatible modular layer-1 blockchain focused on Real World Asset Finance (RWAfi).
The protocol currently powers over 180 products managing over $4 billion in assets, Plume said in a press release on Wednesday.
The platform allows users to easily swap, trade, and speculate on real-world assets just as easily as they can when interacting with crypto native assets.
Plume Network has raised $20 million in a Series A round backed by Brevan Howard Digital, Haun Ventures, Galaxy Ventures, Lightspeed Faction, Superscrypt, Hashkey, Nomura’s Laser Digital, and others.
Describing some of the use cases the platform could be applied to, Plume said its platform seeks to enable users to permissionlessly access the real world via crypto rails, including through “earning real yield from holding oil royalties, putting that into a lending market to loop against it, or putting those tokens into a [perpetual] dex.”
Commenting on the announcement, Chris Yin, cofounder and CEO of Plume said in a statement: “RWAs have always had tremendous on-chain demand, but historically the infrastructure to bring these assets on-chain just hasn’t existed.”
Giving an example of how stablecoins have nailed the ability to onboard massive users on-chain, Yin argued that RWAs have failed in that respect. “So now with Plume, asset issuers of all kinds can become crypto native builders. Through our technology and ecosystem, we plug them directly into our community, ecosystem, and liquidity and all in an open, permissionless, and composable way,” he said.
Plume is not the only RWA tokenisation platform to announce significant fundraising this year. In May, Securitize raised $47 million in a strategic round led by BlackRock.
Plume plans to use the fresh capital to accelerate the development of its EVM-compatible modular layer-1 blockchain focused on Real World Asset Finance, an ecosystem dubbed “the first L1 RWA blockchain for crypto-natives and institutions.”
Highlighting Plume’s expansive use cases in RWA tokenisation, Will Nuelle, General Partner of Galaxy Ventures commented: “It’s exciting to see alternative investment classes such as carbon credits, specialty finance products, and GPUs brought on-chain via Plume that are not easily accessible to investors today.”
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