Binance decided to invest in Web3 security technology through its venture capital (VC) arm, Binance Labs.
Recently, Binance Labs made known its plans to lead a round of funding for a Web3 start-up called GoPlus Security. However, we have yet to find out the sum of Binance Labs’ investment. Despite the crypto market going through a so-called ‘crypto winter’, most investors are still confident in the cryptocurrency industry, particularly in the development of Web3.
According to a Binance blogpost, the Web3 security start-up GoPlus Security wanted to use the investment to roll out a security marketplace. Furthermore, GoPlus Security will launch a hiring process for its Web3 security infrastructure solutions. The start-up is a Web3 security provider that covers 13 chains of various blockchains. GoPlus Security can provide multidimensional risk detection that streamlines creating a safe Web3 habitat.
The new funding coming from Binance Labs was announced shortly after the announcement of Binance CEO regarding its increased reserves. As stated by CEO Changpeng ‘CZ’ Zhao, the crypto exchange wishes to increase its supply on investments and acquisitions to USD 1 billion.
Moreover, the Head of Binance Labs, Yi He (who also is a Binance co-founder) acknowledged the utmost importance of security for the development of the Web3 community and ecosystem. Yi declared that Binance Labs seeks to notice a positive, sustainable impact of security services for consumers. Seemingly, this plan was the reasoning behind the Binance Labs decision to support a project such as GoPlus Security.