Plume Network raises $20M for tokenisation platform
Plume Network, a startup focused on tokenisation, has raised $20 million in funding to further develop its platform for real-world assets (RWA).
The funding round was led by Brevan Howard Digital, Haun Ventures, Lightspeed Faction, and Galaxy Ventures.
Previous investors such as SV Angels and Portal Ventures also participated in the round.
This investment follows the launch of Plume’s testnet in July, in partnership with Celestia (CRYPTO:TIA), and marks a key milestone for the project.
The platform aims to allow holders of tokenised assets to use them as collateral for loans and other financial activities.
In September, Plume launched a tokenised "Mineral Vault," which represents tokenised mineral assets like gold, silver, coal, crude oil, and natural gas.
A spokesperson for Plume said that the vault provides financial exposure to resource production like gold, silver, coal, and primarily crude oil and natural gas.
The platform has attracted 180 projects to build on its infrastructure, including Credbull, a decentralised credit platform.
In October, Credbull launched a fixed-yield credit facility on Plume’s blockchain, enabling borrowers to access loans over an extended period with fixed interest rates.
The RWA tokenisation market is continuing to grow, with other projects securing funding in 2024.
For instance, Securitise, a digital securities platform, raised $47 million in May to turn traditional assets into digital securities.
Additionally, ORA Protocol raised $20 million in June to tokenise artificial intelligence models.
Tether (CRYPTO:USDT) also entered the tokenisation market in November with Hadron, a platform for tokenising assets such as stocks, bonds, and commodities.
