Web3 Security Startup Raises Funds from Binance Labs

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Binance Labs, the world leading exchange’s venture capital arm, has announced it will lead a private round II for GoPlus Security, a move that is in line with the company’s aggressive investment objectives despite the bear market. 

However, no information on the investment’s worth has been made public.

Web3, a security infrastructure provider, will use the newly acquired funds to expand its data collection efforts, create a marketplace for security services, and fill positions available.

Go Plus Security plans to use the cash to build a security service marketplace by the end of 2022, as stated in an official blog post.

Up to this point, 13 different blockchains have benefited from the startup’s security data. As a result of this news, Binance Co-Founder and Head of Binance Labs Yi He said: 

“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.”

Binance to Invest Heavily in Blockchain Firms

This comes only days after Binance CEO Changpeng Zhao (CZ) announced plans to invest or acquire the staggering sum of $1 billion.

Recent estimates suggest that Binance has already invested over $325 million in over 67 initiatives this year. In contrast, in 2021, when the crypto market was far more positive, the crypto exchange invested about $140 million on 73 separate projects.

Additionally, It was earlier announced by Binance CEO CZ that the exchange would establish a recovery fund “to help projects who are otherwise strong, but in a liquidity crisis.” 

A few days later, the biggest cryptocurrency exchange released a statement announcing the addition of notable Web3 professionals to the firm to oversee the industry recovery initiative (IRI). Binance.US has recently launched its own PAC, which it calls the “Binance.US Innovation PAC,” and is ready to make its political presence felt. This may be attributable to the exit of mega-donors SBF and FTX from U.S. politics.

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