Binance Labs Invests in Automata Network

The venture arm of the Binance cryptocurrency exchange announced an investment in Automata Network, which develops software to provide privacy for dapps.

Welcome @AutomataNetwork to the Binance Labs family! 🥳👏 Looking forward to its privacy-focused products and services, including a one-stop NFT platform, a multi-chain DAO deployment platform and a composable middleware API, in the pipeline 🤖https://t.co/y8EN1JsqXP

— Binance Labs Fund (@BinanceLabs) February 11, 2022

Investments size was not disclosed. The deal will support Binance’s initiative to build a fair and privacy-focused Web 3.0 ecosystem, including Web 3.0.

Automata Network notes strong demand for its products amid the popularity of metaverses and NFTs. The startup’s solutions provide transparency and traceability of interactions in Web 3.0 across 13 different blockchains.

The provided funding will help Automata Network continue its technical research and expand its product line.

The team is working on platforms for launching NFT and DAO, as well as a modular API middleware layer with additions such as external-access protection, gasless transactions and two-factor authentication.

In February, Binance invested $200 million in Forbes Media “to advance Web 3.0 technologies.”

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