June 11, 2024
Binance Labs, the venture financing and incubator division of the cryptocurrency exchange Binance, valued at $10 billion, has invested an undisclosed amount in Zircuit, a developer of Ethereum Layer 2 networks.
Project | Latest Raise Date | Lead Investor | Category |
|---|---|---|---|
Zircuit | June 11, 2024 | Binance Labs | Layer 2 |
The company believes that this investment will aid Zircuit in further expanding and enhancing its network. Zircuit has shown remarkable growth, with over two years of fundamental technological advancements and more than six months of stable testnet operations.
During this period, the platform has successfully staked over $3 billion and received more than 1,100 Build to Earn applications. These achievements underscore Zircuit’s potential and the significant interest from developers and investors in its innovative approach.
Zircuit, a zero-knowledge rollup with “AI-enabled sequencer-level security,” is expected to further expand and enhance its network with the investment from Binance Labs. They are planning to initiate a Gas Mining program in conjunction with its Mainnet launch in July. This program is designed to increase user engagement and provide incentives, thereby promoting adoption and rewarding active participants.
About Zircuit
Zircuit is a fully EVM-compatible zero-knowledge rollup that powers the limitless potential of web3. It introduces a novel approach to on-chain security by safeguarding users with sequencer-level security and built-in, automated AI mechanisms that guard against smart contract exploits. Zircuit’s unique hybrid architecture combines battle-tested infrastructure with zero-knowledge proofs, resulting in a fast, low-cost, and fully EVM-compatible ZK rollup. This provides unparalleled security for users without sacrificing speed or compatibility.
Zircuit’s performance comes from decomposing circuits into specialized parts and aggregating proofs, which achieves greater efficiency and lower operating costs. As Zircuit prepares to debut its mainnet, its ecosystem is already demonstrating impressive growth. The network presently hosts over $3.5 billion in staked assets, and its ‘build-to-earn’ program has drawn more than 1,100 applications.
Website: https: https://www.zircuit.com/
X Account: https://x.com/ZircuitL2
X Followers today: 156,294
X Followers 30 days ago: 153,792
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About Investor
Investor: Binance Labs
Binance Labs is the venture capital and incubator arm of Binance, a leading cryptocurrency exchange. With a portfolio worth over $10 billion, Binance Labs is dedicated to identifying, investing in, and empowering viable blockchain entrepreneurs, startups, and communities. It provides financing to industry projects that help grow the wider blockchain ecosystem.
Binance Labs is committed to supporting fast-executing, technical teams who positively impact the crypto space and build the decentralized web. Its portfolio covers 250 projects from over 25 countries across six continents and has a return-on-investment rate of over 14X2. Fifty of Binance Labs’ portfolio companies are projects that have gone through their incubation programs.
The mission of Binance Labs is to empower the decentralized web. It promotes a larger blockchain and provides financial leverage for potential projects in the cryptocurrency industry. Through its investments and support, Binance Labs is playing a crucial role in accelerating the blockchain industry.
Location: Hong Kong, Hong Kong
Website: https://labs.binance.com/
A central focus of investor activity in the cryptocurrency space is the evaluation of new crypto projects to invest in, particularly those with huge potential. This blog provides insight into what new ventures are benefiting from venture capital support (VC funding in crypto). These new crypto projects, funded by professional investors, can dictate the next narrative in crypto and the next big crypto movers.
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