Founders Fund, Peter Thiel Back Plasma as Cobie’s Sonar Kicks Off $50M XPL Token Sale

• Plasma aims to streamline stablecoin use with zero-fee USDT transfers and EVM support
• XPL token sale targets $50M raise with a 40-day lockup for most global investors
• Backed by Thiel and Ardoino, Plasma links Bitcoin and Ethereum for stablecoin scaling

Echo, the investment platform created by renowned crypto personality Jordan Fish (also known as Cobie), has officially launched its new initial coin offering (ICO) venture, Sonar. 

Sonar’s debut project, Plasma, is reportedly aiming to raise $50 million via a public token sale, offering 1 billion XPL tokens to investors. 

This XPL token sale implies a $500 million fully diluted valuation (FDV) for the Plasma network, setting it up as a potentially significant new entrant in the blockchain arena. Plasma itself is engineered as a purpose-built blockchain to support and scale the stablecoin economy, offering compatibility with Ethereum while being anchored to Bitcoin as a sidechain.

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