Uncategorized

Binance Labs Makes Strategic Investment in Automata Network In 2022

Binance Labs Makes Strategic Investment in Automata Network In 2022 2

Binance Labs, the venture capital arm and innovation incubator of Binance, is pleased to announce its latest strategic investment in Automata Network, a decentralized service protocol that provides privacy middlewares for dApps.

Automata Network solves pain points associated with Web3’s transparent and traceable interactions. Automata’s Conveyor minimizes Maximal Extractable Value with ordered privacy and has observed remarkable traction in the metaverse, expanding upon NFT launches with a fair and accessible design. Automata’s Witness, an off-chain governance solution with built-in privacy features, has supported over 13 projects including Polygon Network, Moonbeam Network, and Avalanche. 

Bill Chin, Head of Binance Labs Fund, said, “Automata Network hits the mark with its intuitive understanding of how a fair Web3 derives from the systemic benefits of privacy. Binance Labs looks forward to bringing Web3, especially middleware services, as Automata is building in the area to the next level.” 

The new funding by Binance Labs announced today will be used to support Automata Network’s expansion efforts, which include product development and technical research. The team is working to broaden its product stack, including a one-stop NFT platform that offers Fairdrops, Blindbox sales, and similar launch features focused on fairness; a DAO platform purpose-built for the multi-chain era, facilitating both off-chain signaling and on-chain governance, with the aggregation of voting power for multi-chain tokens; and a composable middleware API complemented by anti-frontrunning, gasless transactions, and 2FA verification. 

At present, this project has built up a global presence with over 11 local communities set up on the ground. The project has over 160K followers on Twitter, and its campaign with CoinMarketCap was the most popular in 2021, with over 3.7 million people participating in the airdrop. 

“DeFi’s predatory landscape continues to scapegoat users, with their acceptance and liquidity suffering for it. This is where Automata’s thoughtful and straightforward approach really shines in tucking away the technical sophistication – users will choose privacy when it’s easy – while protecting ideals of open and fair access enshrined in the original promise of Web 3” Deli Gong, Co-Founder of Automata Network, added.  

DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

Join CoinCu Telegram to keep track of news: https://t.me/coincunews

Follow CoinCu Youtube Channel | Follow CoinCu Facebook page

Hazel

CoinCu News

Victor

Recent Posts

Zircuit Launches ZRC Token: Pioneering the Next Era of Decentralized Finance

George Town, Grand Cayman, 22nd November 2024, Chainwire

14 minutes ago

Inflation Warning By Vanguard Amid Tariffs And Labor Issues

Inflation Warning by Vanguard highlights risks during Trump’s term, citing tariffs and tighter labor markets…

30 minutes ago

Clanker Token Trading Volume Hits $59.8 Million High On November 21

Clanker token trading volume hit $59.8M on Nov 21, accounting for 14.75% of PumpFun. Fee…

58 minutes ago

Bitcoin Spot ETF Inflows Hit $1 Billion Led By BlackRock

Bitcoin Spot ETF inflows hit $1.005B on Nov 21, led by BlackRock’s $608M and Fidelity’s…

1 hour ago

New York Techie Bagged $72M from $15K Investment in Ethereum — Here’s How BlockDAG Can Offer Similar Jackpot

Discover the success story of a New York tech entrepreneur who made $72M from a…

2 hours ago

Best Altcoins to Buy Today: Qubetics Rides 1000x Potential to Hit $2.6M, Ethereum Stays Rangebound, Tron USDT Transactions Hit $52B

Discover the best cryptos to buy and hold today: Qubetics leads with 1000x potential, Ethereum…

4 hours ago

This website uses cookies.