Peter Thiel-backed crypto startup quietly makes big move

Core Insights - Plasma, a blockchain startup, has launched Plasma One, a neobank aimed at simplifying the use of digital dollars [1][2] - The company successfully completed a 7x oversubscribed ICO, raising $373 million, with notable backing from billionaire investor Peter Thiel [1][3] - Plasma One is designed to address financial exclusion by providing direct access to dollars, particularly in emerging markets [2][3] Company Overview - Plasma One integrates various financial services into a single app, contrasting with the fragmented wallets and exchanges typical in the crypto space [2][3] - The platform claims to have over $2.5 billion in stablecoin Total Value Locked (TVL) at launch and plans to gradually roll out access ahead of its mainnet beta on September 25 [3] Product Features - Users can spend directly from stablecoin balances while earning double-digit yields [6] - The platform offers up to 4% cash back with physical or virtual cards, usable at 150 million merchants across 150 countries [6] - Instant and free transfers of digital dollars within the app are available, with onboarding taking just minutes [6]