The story of Plasma XPL began with insights into the shortcomings of existing blockchain payment networks and a determination for innovation. In 2024, blockchain entrepreneur Paul Faecks and venture capitalist Christian Angermayer co-founded the Plasma project, aiming to create a high-performance underlying blockchain network designed specifically for stablecoin payments.
The founding team of the project has a deep industry background and resources. The CEO, Paul Faecks, is a serial entrepreneur who previously co-founded the institutional digital asset operation platform Alloy and has experience working at the top cryptocurrency derivatives exchange Deribit. His technical and management background lays a solid product foundation for the project. Co-founder Christian Angermayer has extensive influence in the investment industry; he is the co-founder of the European blockchain investment holding company Cryptology Asset Group, and his personal investment firm focuses on fields such as life sciences, fintech, and cryptocurrency. Angermayer's key contribution is building a strong capital and strategic partnership network for the project.
With a clear vision and team background, Plasma secured support from top capital early on. Its list of investors includes Peter Thiel's Founders Fund, Framework Ventures, and stablecoin issuer Tether, along with its affiliated trading platform Bitfinex. This series of financing provided over $400 million in funding assurance for project development. The project's launch momentum was strong, attracting over $1 billion in participation funds in a short time before the token public offering held in June 2025, demonstrating high market attention. Ultimately, the Plasma mainnet test version and its native token XPL were officially launched on September 25, 2025, marking the beginning of its journey to build the next-generation payment infrastructure.