According to Golden Finance, as monitored by on-chain analyst Ai Auntie (@ai_9684xtpa), large-scale capital movements have reappeared in the crypto market. The associated address of the digital fintech platform Amber Group deposited 16.3 million USDT in the deposit activity of the stablecoin project Plasma today, and the associated address of the well-known crypto investment institution Spartan Group was not to be outdone, depositing 5 million USDT. As of now, in the list of Plasma deposit activities, the address is 0x790… The mysterious major investor of 41023 still holds the top spot, with a cumulative deposit of 50 million USDC.
As a globally leading digital fintech platform, Amber Group’s business widely covers one-stop services such as digital asset wealth management, asset management, market making, consulting, investment and infrastructure. By integrating cutting-edge technologies such as artificial intelligence and blockchain with quantitative research, it provides customized solutions for high-net-worth individuals, institutions, crypto funds, exchanges, and project parties, etc. Previously, Amber Group has demonstrated strong influence in the market, and its shareholder lineup can be described as luxurious. Including Coinbase Ventures, Temasek, Sequoia Capital, Tiger Global, Fenbushi Capital, top US venture capital firms Paradigm and Pantera Wait.
Not only that, Amber Group is also actively laying out globally and plans to obtain a virtual asset trading platform license in Hong Kong. Its co-founder and CEO of Amber Premium, Wayne Huo, expressed full confidence in the approval. This time, Amber Group’s associated address made a large deposit of USDT into the Plasma project, which may imply its optimism about the future development of the Plasma project. It is expected that by participating in the deposit activities, it can obtain corresponding rights and interests in this project and further expand its layout in the stablecoin field.
The Spartan Group also enjoys a considerable reputation in the field of crypto investment. Judging from its past holdings, this institution is adept at seizing market opportunities and reaping profits in the crypto market through diversified investment strategies. For instance, previously, Spartan Group had a heavy position in Pendle and mainly used USDC for arbitrage strategies. This deposit of 5 million USDT into the Plasma project is another significant move in its investment in stablecoin projects. This indicates that the Spartan Group believes that the Plasma project has certain investment value and potential, and expects to participate through it and share the dividends brought by the project’s development.
The stablecoin project Plasma, which has been favored by many institutions this time, has attracted much attention since its birth. It is committed to building a high-performance Bitcoin sidechain specifically designed for stablecoins, aiming to address the issues of high transaction costs, performance bottlenecks, and centralized risks existing in the current blockchain infrastructure in the application of stablecoins. In February this year, Plasma announced the completion of a $24 million financing round, with a strong lineup of investors, including Framework Ventures
Bitfinex, Founders Fund, Paolo Ardoino, CEO of Tether, and trader Cobie, etc. Then on June 9th, Plasma completed a $500 million financing round through the ICO platform Sonar in less than an hour, attracting over 1,100 wallets to participate, with an average investment of approximately $35,000 per transaction.
The deposit activity mechanism of the Plasma project is also rather unique. Participants need to deposit stablecoins such as USDT, USDC, USDS or DAI into the Plasma Vault on Ethereum. The vault contract will deploy the deposited funds to Aave and Maker to generate returns. During the deposit period, participants accumulate “units” based on the duration of their deposits. The number of units reflects their deposit proportion and ultimately determines the guaranteed placement share for subsequent purchases of the Plasma native token XPL. Participants can withdraw funds at any time during the deposit period, but the corresponding withdrawal will reduce the number of units. After the deposit period ends, Vault enters a locked state for at least 40 days. During this period, no deposit or withdrawal operations are allowed. After that, all stablecoin deposits will be converted into USDT to prepare for bridging funds to the Plasma mainnet. When the Plasma mainnet Beta goes live, participants will receive the corresponding allocated XPL tokens, and the USDT funds during the deposit period will also be bridged to the Plasma network and available for withdrawal in the form of USDT.
The participation of institutions such as Amber Group and Spartan Group in this round of Plasma deposit activities has multiple potential impacts on the entire crypto market. On the one hand, the entry of these well-known institutions will bring a large amount of funds to the Plasma project, which will help the project further improve its technological research and development, expand market promotion, promote Plasma to make greater progress in the field of stablecoin infrastructure construction, and enhance its competitiveness in the market. On the other hand, the participation of institutions will also send positive signals to the market, attracting more investors to pay attention to Plasma projects and the stablecoin field, or prompting more funds to flow into this field, driving the development of related projects and further enlivening the investment atmosphere in the crypto market. At present, all market participants are closely monitoring the subsequent development trends of the Plasma project and whether the investment decisions of these institutions will trigger more chain reactions.
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