In a new development, the venture capital arm of the largest global crypto exchange, Binance Labs, has made a foray into Web3 technology. It recently revealed plans to lead a funding round for GoPlus Security, a Web3 security startup. However, Binance Labs has yet to disclose the funding round’s value.
The crypto market has been struggling with the ongoing crypto winter, and the fall of one of the prominent crypto exchanges, FTX, intensified the market’s decline. Prices of most crypto assets plummeted since the crypto exchange’s implosion.
Also, several crypto firms and venture investors in FTX have recorded losses. The insolvency contagion has been spreading like wildfire. Some companies have stopped withdrawals and other services on their platform. However, most investors still have some confidence in the crypto space, especially with Web3 development.
Binance Labs Supports Security Service GoPlus
An official blog post from Binance disclosed other details concerning the funding. According to the post, GoPlus Security planned to direct the generated fund to launch a security marketplace. Also, it will conduct a new hiring process for the Web3 security infrastructure provider.
GoPlus Security is a Web3 security project covering up to 13 chains of several blockchains. It offers multidimensional risk detection that facilitates building a safer Web3 environment.
This new support from Binance Labs is coming just a few days following the Binance CEO’s announcement on its increased reserves. According to CEO Changpeng Zhao, the crypto exchange plans to raise its reserves on acquisitions and investments to $1 billion.
Binance CEO Changpeng ZhaoMotive For Supporting The Security Service Provider
The co-founder of Binance and Head of Binance Labs, Yi He, reacted to the new move. He acknowledged the foundational importance of security for the growing Web3 ecosystem and community.
According to Yi, Binance Labs aims for a sustainable and positive impact of security services for end users. This plan formed the basis of their support for a customer-focused project such as GoPlus Security.
A recent estimate on Binance’s numerous supporting programs shows the firm has raised over $325 million for more than 67 projects so far this year. However, a comparison of its commitments last year indicated a lower involvement despite 2021’s more bullish trend in the crypto market. The firm spent about $140 million on 73 projects last year.
Crypto market plunges on the daily chart | Source: Crypto Total Market Cap on TradingView.com
Binance Labs successfully raised $500 million in funds earlier in the year. It aims to use the generated fund to support the most striving Web3 projects and startup firms with great potential in their fields.
Pandoshi (PAMBO) secures its position in the cryptocurrency realm with a successful Stage 3 presale sell-out and the launch of its anticipated DeFi Wallet, showcasing its commitment to innovation. Positioned as a practical, user-oriented blockchain solution, Pandoshi emerges as an attractive investment option for those seeking a promising and accessible crypto venture.
JoyTo address risks associated with specific LSTs, Eigenpie will also introduce Isolated Liquid Restaking (ILR), a method where tokens can only be minted by depositing a particular LST.
AlexExplore the intricacies of Meta's digital asset ventures. Uncover insights into Meta's cryptocurrency ambitions, regulatory hurdles, and the implications for the digital finance landscape. Stay informed with our in-depth analysis
MiyukiExplore the dynamic cryptocurrency landscape as major tokens like Bitcoin, Solana, and Cardano confront market volatility. Uncover the pivotal role of Bitcoin ETFs, including Grayscale’s GBTC, in shaping market trends and investor strategies. Delve into the contrasting forces of market downturns and ETF-driven optimism, painting a complex picture of the current crypto economy.
Brianan in-depth analysis of China's recent economic maneuvers. Explore the PBOC's role in yuan depreciation, global financial implications, and the consequential shifts in Bitcoin and digital asset markets.
WeiliangGamee confronts a massive token theft from its Polygon contracts, inciting a significant token value drop and underlining the imperative of robust cybersecurity in the blockchain arena.
BrianA sophisticated phishing attack exploits MailerLite, targeting Web3 firms and swindling $580,000, highlighting the urgent need for enhanced cybersecurity in the cryptocurrency sector
WeiliangU.S. authorities accuse German entrepreneur Horst Jicha of orchestrating a crypto pyramid scheme, defrauding investors of $150 million.
MiyukiRabby launches a points program, aiming to shift users from Metamask by offering various incentives, embracing a growing trend in Web3 projects.
BrianJPMorgan downgrades Coinbase amidst concerns over an anticipated Bitcoin ETF and ongoing legal battles.
Weiliang