Binance Labs Invests in Automata Network

In a major move to encourage a fair and privacy-focused Web3 ecosystem, Binance Labs announced today that the company has invested in Automata Network, a prominent decentralized service protocol that provides privacy middleware for dApps.

With the growing popularity of the Metaverse and NFTs, Automata Network saw a surge in the adoption of its products. The network aims to resolve the issues associated with transparency and traceable interactions on Web3.

Automata's Witness, an efficient off-chain governance solution with built-in privacy features, has supported more than 13 projects, including some of the world’s leading networks like Polygon and Avalanche.

Binance Labs noted that the investment will help Automata Network in the expansion of its products and technical research. “Automata Network hits the mark with its intuitive understanding of how a fair Web3 derives from the systemic benefits of privacy. Binance Labs looks forward to bringing Web3, especially middleware services, as Automata is building in the area to the next level,” Bill Chin, the Head of Binance Labs Fund, commented.

In December 2021, Binance Labs led the $60 million funding round Funding Round Startups look to raise capital can participate in a funding round. These refers to the various rounds of funding that occur upon proof of concept, customer base growth, and the probability of success. While they are various types of funding rounds, the most commonly seen in startups include the following funding rounds: Seed, Series A Fundraising, Series B Fundraising, and Series C Fundraising. In order for a funding round to take place, a valuation must be performed by analysts for the business Startups look to raise capital can participate in a funding round. These refers to the various rounds of funding that occur upon proof of concept, customer base growth, and the probability of success. While they are various types of funding rounds, the most commonly seen in startups include the following funding rounds: Seed, Series A Fundraising, Series B Fundraising, and Series C Fundraising. In order for a funding round to take place, a valuation must be performed by analysts for the business Read this Term of Multichain. Additionally, the company invested in WOO Network and Nine Chronicles recently.

Growth of Automata Network

Automata Network has increased its presence significantly across the blockchain Blockchain Blockchain comprises a digital network of blocks with a comprehensive ledger of transactions made in a cryptocurrency such as Bitcoin or other altcoins.One of the signature features of blockchain is that it is maintained across more than one computer. The ledger can be public or private (permissioned). In this sense, blockchain is immune to the manipulation of data, making it not only open but verifiable. Because a blockchain is stored across a network of computers, it is very difficult to tamp Blockchain comprises a digital network of blocks with a comprehensive ledger of transactions made in a cryptocurrency such as Bitcoin or other altcoins.One of the signature features of blockchain is that it is maintained across more than one computer. The ledger can be public or private (permissioned). In this sense, blockchain is immune to the manipulation of data, making it not only open but verifiable. Because a blockchain is stored across a network of computers, it is very difficult to tamp Read this Term industry. According to Binance Labs, the network has established a strong presence with more than 11 local communities.

“DeFi’s predatory landscape continues to scapegoat users, with their acceptance and liquidity suffering for it. This is where Automata’s thoughtful and straightforward approach really shines in tucking away the technical sophistication - users will choose privacy when it’s easy - while protecting ideals of open and fair access enshrined in the original promise of Web 3,” Deli Gong, the Co-Founder of Automata Network, added.

In January 2022, Binance Labs led the $5.5 million funding round in Heroes of Mavia.