Tokenization startup Plume Network has closed a $20 million funding round to support the development of its real-world assets ecosystem. Key investors include Brevan Howard Digital, Haun Ventures, Lightspeed Faction, and Galaxy Ventures.
Details of the funding round
According to a Fortune report, Plume Network received investments from several notable participants, including Brevan Howard Digital and Galaxy Ventures. Previous investors included SV Angels and Portal Ventures.
Testnet launch and tokenization
In July, the company launched its testnet in partnership with Celestia, propelling the development of the tokenization ecosystem. In September, Plume launched a tokenized 'Mineral Vault' representing tokenized interests in mineral extraction and sales, such as oil and gas. A Plume spokesperson noted the vault provides financial exposure to resources, including gold and silver.
Other tokenization projects in 2024
In 2024, several tokenization platforms secured significant funding. In May, Securitize raised $47 million, backed by BlackRock, to digitalize traditional assets. In June, ORA Protocol secured $20 million for tokenizing AI models, and in November, Tether introduced Hadron for tokenizing stocks and bonds.
The market for asset tokenization is gaining momentum, with Plume Network being a prominent example, attracting significant funding and partner support. In 2024, the market promises numerous innovations and opportunities for investors and developers.
