Binance Labs Contributed $200 Million To The Oasis Ecosystem Fund, Added One More Famous Venture Capital Name To Oasis’ Investors List!
Binance Labs has announced that it would invest $200 million in the Oasis Foundation’s ecosystem fund.
Bill Chin, who heads the Binance Labs fund, bolded the Oasis Network’s “scalability and privacy-preserving features,” as well as its ability to advance Web3 development, as grounds for sponsoring the project.
Besides the investment of Binance Labs, various top blockchain venture funds sponsored the ecosystem fund and the Oasis Foundation’s contribution, including AME Cloud Ventures, Dragonfly Capital Partners, Draper Dragon Fund, Electric Capital, FBG, Jump Capital, Kenetic Capital, NGC Ventures, and Pantera Capital.
According to CoinTelegraph, Multichain, a cross-chain protocol, received a $60 million funding round from Binance Labs in December. Binance Labs stated a few weeks later that it had contributed $12 million to Woo Network’s Series A fundraising round.
The Oasis Network is a privacy-enabled blockchain platform for open finance and a responsible data economy. Last year, it created a $160 million ecosystem fund to help potential projects built on top of the Oasis Network get off the ground. According to the Oasis Foundation, the fund was created to lure new developers to the Oasis Network so that they may make the next generation of decentralized apps that support DeFi, nonfungible tokens (NFTs), data tokenization, and the Metaverse. Grants are available for both new startups and existing projects built on the Oasis Network.
Due to its ParaTime scaling architecture, Oasis Network is positioning itself as a far cheaper alternative to Ethereum, whose expensive gas prices remain a cause of concern for customers.
Since raising $45 million in 2018 to establish a “privacy-first cloud computing blockchain,” Oasis’ developers have switched their emphasis many times. During the mainnet launch in the fourth quarter of 2020, the swing toward DeFi looks to have been realized. Despite this, the project has maintained a significant focus on scalability, and data tokenization, which it claims will allow blockchain technology to be used in a variety of ways.
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