Aligning with ambitious bear market investment plans underway, Binance Labs, the venture capital arm of the world’s largest crypto exchange, announced that it will lead a Private Round II for GoPlus Security. The value of the investment has not been disclosed.

The new capital injection will be implemented to further develop security data, create a marketplace for security services, and make new hires for security infrastructure provider Web3.

According to the official blog post, Go Plus Security also intends to use the funds to launch a security services marketplace by the end of 2022. So far, the startup provides security data to 13 chains. Following the development, Yi He, co-founder of Binance and head of Binance Labs, commented:

“Security is critical to the ever-growing Web3 ecosystem and community. By supporting consumer-facing solutions like Goplus Security, we look forward to seeing how end-user security services can evolve and prosper.”

The move comes days after Binance CEO Changpeng Zhao (CZ) confirmed plans to use a staggering $1 billion in reserve on acquisitions and investments. According to recent estimates, Binance has already committed over $325 million to over 67 projects this year alone. In contrast, the crypto exchange spent around $140 million on 73 projects throughout 2021 amid a much more bullish crypto market. Binance Labs launched a $500 million fund to support promising Web 3 projects and startups with great potential earlier this year. Traditional e-commerce and gaming companies will remain on Binance’s radar for potential investment opportunities.

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This post Binance Labs Leads Funding Round for Web3 Security Startup

was published first on https://cryptopotato.com/binance-labs-leads-funding-round-for-web3-security-startup/

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