Crypto startup Plasma has successfully raised $20 million in a funding round. The funds will be used to develop a Bitcoin-based blockchain specifically for stablecoins.

What Happened: The fundraising round, spearheaded by Framework Ventures, will support the launch of Plasma’s testnet and mainnet, reported Fortune on Thursday. It will also facilitate the company’s expansion into remittances, payments, and DeFi applications. This follows an earlier $4 million round with early backers including Bitfinex, Paolo Ardoino, CEO of Tether USDT/USD, billionaire venture capitalist Peter Thiel, and well-known cryptocurrency traders Cobie and Zaheer Ebtikar of Split…

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