Plume, Layer-2 Blockchain for Real-World Assets, Pulls $10M in Seed Funding from Haun, Galaxy

Startup Plume secures $10 million in seed funding for creating the initial layer-2 blockchain specifically designed for RWAs (Recurring Warrant Automatics). The investment was spearheaded by Haun Ventures, with contributions from Galaxy Ventures, Superscrypt, A Capital, SV Angel, Portal Ventures, and Reciprocal Ventures.

Plume’s Ethereum blockchain is positioned as a convenient solution for seamlessly transferring off-real assets to the digital world of blockchains. By facilitating this process, Plume simplifies the complexities involved in documenting and custodying assets such as real estate, artwork, and specific financial instruments, enabling a smoother transition onto the decentralized platform.

In the rapidly expanding realm of crypto, the Real-World Assets (RWA) industry stands out as one of the most dynamic sectors. However, a significant challenge persists: no permissionless blockchain has yet been developed that comes complete with a full suite of RWA infrastructure capable of deploying any asset class in a compliant manner. Plume’s statement to CoinDesk elaborates on this issue. By offering a strong Decentralized Finance (DeFi) ecosystem, users on Plume can engage in various RWA activities – generating returns through yield farming, lending and borrowing, trading, and even speculating with leverage.

As a crypto investor, I’d describe it this way: Plume utilizes Arbitrum Nitro as its foundation – an innovative solution for constructing layer-2 “rollup” chains. These rollups enable swift and economical transaction processing on Ethereum. The technology’s benefits extend to seamless interaction and exchange of assets across other chains within the Arbitrum Orbit ecosystem, which is comprised of various rollups developed using the same framework.

In an interview with CoinDesk, Plum co-founder Chris Yin expressed his frustration with the lengthy process of onboarding assets onto blockchains, stating, “When we initiated conversations with protocols, everyone echoed the same sentiment: ‘It takes us anywhere from six months to two years to get an asset on-chain before we can even begin coding for our protocol.’ Such a time-consuming approach is redundant and inefficient as it necessitates repetition of effort for every single protocol.” To address this issue, Plum advocates for standardization.

As a crypto investor using Plum, I can tell you that this platform offers an extensive range of features to facilitate the tokenization process in a seamless way. From establishing your entity and handling regulatory filings, to taking custody of assets, managing wallets, setting up automatic processes, maintaining cap tables, and providing on- and off-ramping solutions – all these functionalities are integrated into Plum. We, as users, simply utilize these products, integrate them, and enjoy a user-friendly interface that ensures a modular experience.

As a data analyst, I’ve examined Yin’s findings, and according to him, over 80 projects are currently being tested on Plume’s private network, incorporating various real-world assets. These assets span across numerous domains such as collectibles, private credit, and real estate.

Yin shares that Plume is intending to make its testnet accessible to the general public within approximately one month, with the complete version set for release at a later time.