Binance, the world's largest cryptocurrency exchange, continues to invest in various cryptocurrency projects.
At this point, Binance Labs, the venture capital and incubation arm of Binance, announced that it invested in Initia.
“Binance Labs has invested in Initia, a Move Layer 1 Network on Cosmos with customizable Optimistic aggregations so application developers can easily launch their own L2.
This investment underscores Binance Labs' commitment to supporting new infrastructure that will enable more Web2 developers to engage with the Web3 space.
“The funds raised will be used to support the development of Initia's infrastructure and developer tools.”
Binance Co-Founder and President of Binance Labs Yi He commented on the investment: “Binance Labs continuously identifies infrastructure providers that offer new solutions to accelerate the growth of Web3 applications. “Initia's innovative architecture and tools are a step towards widespread adoption among the new wave of developers.”
Stating that the Initia founding team consists of former founders, engineers and researchers in the Cosmos (ATOM) and Ethereum (ETH) ecosystem, Binance pointed out that Initia has partnered with many projects, including Binance Labs portfolio companies and the best mobile game publishers around the world.
Binance did not make a statement regarding the amount of its investment.
We're excited to announce we've invested in @initiaFDN!
Emerging from stealth, Initia is a network for 0-to-1 omnichain rollups, built by fusing a novel L1 with an interwoven application-specific L2 infrastructure system.
Read more👇https://t.co/dewxZSUpCU
— Binance Labs Fund (@BinanceLabs) October 12, 2023
*This is not investment advice.
