Aligning with ambitious investment plans in the ongoing bear market, Binance Labs – the venture capital arm of the world’s largest crypto exchange – announced leading a private round II for GoPlus Security. The value of the investment has not been disclosed.
The fresh capital infusion will be deployed to develop security data further, build a security service marketplace, and conduct new hiring for the Web3 security infrastructure provider.
According to the official blog post, Go Plus Security also intends to use the funds to launch a security service marketplace at the end of 2022.
So far, the startup provides security data to 13 chains.
Following the development, Yi He, Co-Founder of Binance and Head of Binance Labs, commented,
“Security is foundational to the ever-growing Web3 ecosystem and community. By supporting consumer-facing solutions like Goplus Security, we hope to see how security services to end users can evolve and prosper.”
The move comes days after Binance CEO, Changpeng Zhao (CZ), confirmed plans to use an astonishing reserve of $1 billion on acquisitions and investments.
According to recent estimates, Binance has already committed more than $325 million to over 67 projects this year alone. In contrast, the crypto exchange spent around $140 million across 73 projects for the entire year of 2021 amidst a far more bullish crypto market.
Binance Labs launched a $500 million fund to support promising Web 3 projects and start-up firms with great potential earlier this year.
Traditional e-commerce and gaming companies will remain on Binance’s radar for potential investment opportunities.
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