Binance Labs is investing in cryptocurrencies that it thinks have future potential. Labs, the investment company of the world’s largest crypto exchange Binance, is pouring money on 8 altcoin projects, according to the latest information. So what are these cryptocurrencies and why is Labs investing in them?
Binance poured money into these 8 altcoin projects
One of the altcoins Binance Labs has invested in is Sui. This altcoin is a layer-1 Blockchain that allows software developers to develop various Web3 themed applications. With Sui, developers can develop applications at an extremely low cost and quickly. The network uses a technology it calls horizontal scalability to create this user experience. Now Binance’s investments will contribute to the development of the Sui ecosystem.
Aptos is a layer-1 Blockchain network released to support the development of Web3 applications just like Sui. Binance Labs recently announced that it invested in Aptos in March 2022. The money going to Aptos will be used for the needs of the group and community.
Magic Square (SQR)
Magic Sqaure is a decentralized application marketplace that operates in a multi-chain form. In addition to the store, this altcoin also has various features such as a crypto ID. In addition, the team aims to bring innovation and diversity to the app market ecosystem by offering these features. In the middle, Binance Labs has invested funds in Magic Square to be used for development purposes.
Lifeform, a tokenless blockchain project, allows creating realistic and 3D avatars. In fact, Blockchain aims to revolutionize visual identity artifacts. Accordingly, it is working on technologies such as Blockchain-based identity systems for avatars.
Koindeks.com As we have reported, Ankr is a Web 3.0 focused Blockchain infrastructure provider. This project has always been closely associated with Binance. For example, the developer group helped develop BNB Chain. As for ANKR’s services, the project focuses on technologies that appeal to developers, such as Web3 game development kit and software development kit.
Space ID (SID)
Space ID, similar to the Ethereum Name Service, provides Blockchain-based domain names. By doing this, the project connects various Blockchain ecosystems. It also allows users to understand Blockchain in a much easier way. For example, users can buy crypto addresses that resemble a website name. In this way, they can interact in a much easier form mid-chain.
Hooked Protocol (HOOKED)
Another altcoin project that Binance Labs has invested in is Hooked Protocol. This project set out with the aim of creating a social network. Accordingly, it aims to facilitate the transition to the revolutionary Web3. The ecosystem aims to easily transfer Web2 users to Web3.
Salus Security is a security-focused Blockchain project that now has no tokens but plans to airdrop in the near future. This project aims to give users the freedom to process in a more comfortable form by solving the security issues in Blockchain. The team leverages next-generation AI technologies such as machine learning to support blockchain security. Binance Labs invested to support the development of the project.