Bitcoin DeFi is gaining traction ahead of the halving, and Binance Labs' latest investment in a BTC restaking protocol follows this trend.
binance Labs
World’s Leading Crypto Exchange Binance Distances Itself From Its Investment Arm, Binance Labs: Report
The world’s largest crypto exchange by volume is reportedly severing ties with its multi-billion-dollar investment branch. According to a new report by Bloomberg, since taking the helm from former Binance co-founder Changpeng Zhao, Binance CEO Richard Teng has pushed Binance Labs – the crypto exchange’s investment arm – into a separate company. Disclaimer text found […]
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ZK-proof Web3 infrastructure developer gets backing from Binance Labs
Delphinus Lab is building a zero-knowledge proof rollup service aimed at powering Web3 application development.
Zero-knowledge proof technology continues to garner interest and investment as Binance Labs becomes the latest firm to invest in ZK-proof powered infrastructure being developed by Delphinus Lab.
Binance’s venture capital arm announced a strategic investment into Delphinus Lab’s zero-knowledge WebAssembly (zkWASM) virtual machine. The zkWASM is being labeled as the first known open-source virtual machine to support ZK computation and application software development kits.
Cointelegraph can exclusively reveal that Binance Labs is investing $2.2 million into Delphinus Lab, with the funds set to facilitate the ongoing development of its application rollup platform zkWASM Hub, which will provide automated proving and batching services for Web3 applications.
We're excited to announce we've invested in @DelphinusLab!
— Binance Labs Fund (@BinanceLabs) August 21, 2023
Delphinus Lab is an infrastructure provider that has implemented the first known open-source zkWASM virtual machine that supports trustless computation and application SDKs.https://t.co/geWtkfBShm
WebAssembly (WASM) remains an important cog across the wider internet as a virtual machine that allows code from popular programming languages to be run natively on web browsers. WASM was developed in a collaboration including Google, Mozilla, Microsoft and Apple in 2017.
The infrastructure aims to facilitate the development ZK applications across different developer languages that can be deployed across WASM-supported environments. ZK-proof technology is widely touted to increase the security and privacy of decentralized applications.
The zkWASM Hub will also allow developers to distribute GitHub applications into its ecosystem through its auto compilation and updating service.
Related: Zero-knowledge proofs coming to Bitcoin, overhauling network state validation
Binance Labs also noted that Delphinus Lab has implemented several application-specific software development kits in different languages across multiple applications. This includes dynamic programmable NFTs, fully on-chain games, high-performing trustless Central Limited Order Book (CLOB) and trustless oracles.
A statement from Delphinus Lab founder and CEO Sinka Gao highlighted the firm’s hopes to see Web3 decentralized applications (DApps) created that combine Web2’s “robustness” with Web3s “decentralized, trustless" nature:
"Our zkWASM Hub introduces a streamlined multi-chain execution layer for developers to easily deploy and manage their WASM-backed apps in a dynamic rollup environment.”
Binance Labs also noted that it was looking to employ its venture funds into the wider ecosystem with a focus on projects that enable scalability, while looking into application layers that could onboard more users to Web3.
The spokesperson added that its investment focus was on innovative technology and critical infrastructure that is power new sectors. This includes modular blockchain, liquid staking decentralized finance protocols and ZK-proof solutions.
Related: Are ZK-proofs the answer to Bitcoin’s Ordinal and BRC-20 problem?
As Cointelegraph has explored at length, ZK-proof technology has proved to be influential in helping scale the Ethereum ecosystem. A number of prominent companies including the likes of Consensys, Polygon and ZK-proof pioneers StarkWare have been at the forefront of ZK-powered technologies and infrastructure development.
Decentralized Web3 data service Space and Time is using ZK-proof technology to cryptographically verify information queries within its ecosystem. The firm's Proof of SQL generates a SNARK cryptographic proof of a query within its decentralized data network, allowing users to trust that a data query is accurate and has not been manipulated.
Magazine: ZK-rollups are ‘the endgame’ for scaling blockchains: Polygon Miden founder
DeFi Altcoin Jumps As Binance’s Venture Capital Arm Invests $10,000,000 in the Crypto Project
A decentralized finance (DeFi) altcoin is surging after the venture capital arm of the world’s biggest crypto exchange by volume invested millions of dollars into it. In a new company blog post, Binance says that Binance Labs has invested $10 million into Radiant Capital (RDNT), a cross-chain lending and borrowing crypto protocol built on top […]
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Sui Developer Mysten Labs Raises $300 Million to Address Web3 Scalability
Mysten Labs, developer of a new blockchain project called Sui, raised $300 million in its latest funding round. The round, which was led by FTX ventures, also had the support of A16z crypto, Jump Crypto, Apollo, Binance Labs, Franklin Templeton, and Coinbase Ventures, among others. The funds will be directed to continue growing Sui’s infrastructure […]Binance CEO Revamps Its $7,500,000,000 VC Arm, Says Now Is the Best Time To Invest in Crypto
The world’s largest cryptocurrency exchange by trading volume is making strategic moves to bolster the venture capital side of its business. In a new announcement, Binance says that chief marketing officer Yi He will take over as the new head of Binance Labs to put an emphasis on fostering innovative growth for blockchain technology. Yi, […]
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Binance Labs Launches $500 Million Web3, Blockchain Fund
Binance Labs, the venture capital arm of the leading crypto exchange, has announced the launch of a new fund that will focus its action on Web3 and blockchain technologies. The fund, which will launch with $500 million in capital, will invest in companies that take cryptocurrencies and extend their use cases using Web3 and other […]Binance Investment Director Ken Li Talks About Investing in Web3, Gaming and More Exciting Trends
Binance Labs is a chain-agnostic investor and incubator focused on supporting the global blockchain ecosystem and decentralized web. Their portfolio includes 1inch, Audius, Axie Infinity, Chiliz, Elrond, Injective, Matic / Polygon, Sandbox and Terra. Ken Li is an Investment Director at Binance Labs, with a focus on equity & token investments in Web3 social, gaming […]