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 into 8 altcoin projects, according to the latest data. So what are these cryptocurrencies and why is Labs investing in them?
Binance poured money into these 8 altcoin projects
Sui (SUI)
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 (APT)
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 team and community.
Magic Square (SQR)
Magic Sqaure is a multi-chain decentralized application marketplace. 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. Meanwhile, Binance Labs has invested funds in Magic Square to be used for development.
lifeform
Lifeform, a tokenless blockchain project, allows creating realistic, 3D avatars. In fact, Blockchain aims to revolutionize visual identity products. Accordingly, he is working on technologies such as Blockchain-based identity systems for avatars.
Ankr (ANKR)
cryptocoin.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 team 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 much more easily. For example, users can buy crypto addresses that resemble a website name. Thus, they can interact more easily between chains.
Hooked Protocol (HOOKED)
Another altcoin project Binance Labs has invested in is Hooked Protocol. This project set out with the goal 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
Salus Security is a security-focused Blockchain project that doesn’t yet have a token but is planning an airdrop soon. This project aims to give users the freedom to transact in a more convenient way by solving security issues in Blockchain. The team leverages next-generation artificial intelligence technologies such as machine learning to support the security of Blockchain. Binance Labs invested to support the development of the project.
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