Binance Labs, the venture capital and incubation arm of cryptocurrency exchange Binance, announced a strategic investment in AltLayer, a decentralized Rollup-as-a-Service (RaaS) (RaaS) provider for Web3 applications.
The size of the investment was not disclosed to the public.
According to the press release, AltLayer is an open and decentralized protocol for developers to launch highly scalable application-specific rollups. It consists of a core network called the Beacon Layer, which serves as a common sequencing, execution and validation network for all rollups attached to it.
Building on this protocol, AltLayer offers a code-free Rollup-as-a-Service launch area that allows not only developers but also novices and all users to create a customized rollup in 2 minutes with just a few simple clicks.
Binance Labs Investment Director Nicola W. said:
“Application-tailored rollups offer the security of Tier 1s and the customizability of application chains. However, a common problem with rollups today is that they often work with centralized sequencers and create fragmented liquidity and user base.
We found AltLayer's approach to facilitating the release of application-specific rollups via the Beacon Layer to be inspiring. Core networks offer a variety of decentralization and interoperability features that are much needed in a world of thousands of rollups. All of this significantly shortens time to market while encouraging rapid innovation and experimentation.”
*Not investment advice.