Binance Labs, the venture financing arm of the world’s largest cryptocurrency exchange, has ventured into Web3 technology. It recently announced plans to lead a fundraising round for Web3 security startup GoPlus Security. However, Binance Labs has not announced the fundraising round’s value.
The cryptocurrency market is currently experiencing crypto winter, and the failure of one of the largest cryptocurrency exchanges, FTX, has intensified the market downturn. Since the proliferation of crypto exchanges, the prices of the vast majority of crypto assets have plummeted.
Several crypto businesses and venture capitalists have also reported losses in FTX. The epidemic of bankruptcy is spreading like wildfire. On their platforms, certain companies have halted withdrawals and other services. Despite this, the majority of investors continue to have faith in the crypto sector, especially with Web3 development.
Binance Labs Supports Security Provider GoPlus
In an official blog post, Binance released additional information about the funding. According to the post, GoPlus Security intends to use the proceeds to build a securities marketplace. In addition, a new recruitment process for Web3 Security Infrastructure Providers will be implemented.
GoPlus Security is a well-known Web3 security project comprised of 13 chains from a number of prominent blockchains. It supports the development of a safe Web3 environment by offering multifaceted risk prevention.
This additional assistance from Binance Labs comes just days after the CEO of Binance revealed the exchange’s expanded reserves. The cryptocurrency exchange, according to its CEO Changpeng Zhao, intends to raise its reserves to $1 billion through acquisitions and investments.
Recall that Binance Labs raised a $500 million fund earlier this year. It intends to use the cash to support the most ambitious Web3 initiatives and startups with tremendous potential in their respective industries.
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