Plasma, the upcoming Layer-1 blockchain built for Stablecoins, has created three new senior highs.
The startup was brought to Murat Firat as head of the product, Adam Jacobs as head of global payments, and Usmann Khan as head of protocol security. These advanced level recruitment comes shortly after a Peter Thiel-backed project hosted a smash hit token sale and won a commitment of around $373 million.
Plasma has not yet released the release date for the mainnet.
Plasma means more than 1,000 transactions per second, zero FEE USDT transfers, custom gas tokens, and confidential transactions, according to its public documents.
According to Plasma documents, paid tether stub coin transfers will be enabled by paid masters within the protocol. Without charging a gas fee, this means that users do not need to hold native tokens to trade plasma.
The protocol appears to be in a friendly relationship with the tether. Zero Fee forwarding is only enabled in USDT, Tether CEO Paolo Aldoino is on the cap table, and Aldoino is also Chief Technology Officer Bitfinex leads the round with Plasma Seed and Series A in USDT’s “Liquidity Protocol” USDT0 and Framework Venture.
“(We) will work closely with Tether to ensure that plasma is the key distribution channel for the most liquid and dominant, ridiculous stubcoin,” said Paul Fex, CEO and founder of Plasma.
New recruits at Plasma come from a variety of backgrounds. Firat previously founded Stablecoin issuer Bilira, raised on the Turkish crypto exchange and Lira. Jacobs was once the global payments director for FTX before spending time at Canadian fintech company Nuvei. Khan is rated 6th on the leaderboard of crypto bug bounty site Immunefi.
