Binance Labs Leads Funding Round For Web3 Security Startup

Aligning with ambitious investment plans in the ongoing bear market, Binance Labs – the venture capital arm of the world’s largest crypto exchange – announced leading a private round II for GoPlus Security. The value of the investment has not been disclosed.

The fresh capital infusion will be deployed to develop security data further, build a security service marketplace, and conduct new hiring for the Web3 security infrastructure provider.

• According to the official blog post, Go Plus Security also intends to use the funds to launch a security service marketplace at 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 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.”

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