Binance Labs Strategic Investment To Automata Network
Binance Labs, the venture capital arm and innovation incubator of Binance, is pleased to announce its latest strategic investment in Automata Network, a decentralized service protocol that provides privacy middlewares for dApps.
Automata Network solves pain points associated with Web3’s transparent and traceable interactions. Automata’s Conveyor minimises Maximal Extractable Value with ordered privacy, and has observed remarkable traction in the metaverse, expanding upon NFT launches with a fair and accessible design. Automata’s Witness, an off-chain governance solution with built-in privacy features, has supported over 13 projects including Polygon Network, Moonbeam Network, and Avalanche.
“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, Head of Binance Labs Fund
The new funding by Binance Labs announced today will be used to support Automata Network’s expansion efforts, which includes product development and technical research. The team is working to broaden its product stack, including a one-stop NFT platform that offers Fairdrops, Blindbox sales and similar launch features focused on fairness; a DAO platform purpose-built for the multi-chain era, facilitating both off-chain signaling and on-chain governance, with the aggregation of voting power for multi-chain tokens; and a composable middleware API complemented by anti-frontrunning, gasless transactions and 2FA verification.
ABOUT Automata Network
Automata Network is a decentralized service protocol that provides middleware-like services for dApps to achieve traceless privacy, high assurance and frictionless computation.
ABOUT Binance Labs
Binance Labs identifies, invests, and empowers viable blockchain entrepreneurs, startups, and communities, providing financing to industry projects that help grow the larger blockchain ecosystem. Binance Labs is committed to supporting fast-executing, technical teams who positively impact the crypto space and build the decentralised web.
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