Binance Labs Leads $5.7 Million Series A Raise to Launch FIO Protocol
Dapix Inc, the company behind the initial development of the FIO Protocol (https://fio.foundation/), has raised $5.7 million in Series A funding led by Binance Labs, the venture arm of Binance, along with other participating investors.
The FIO Protocol is an industry-standard, decentralized service layer that improves usability across every blockchain, token or coin. Ultimately, the protocol will be guided by the Foundation for Interwallet Operability (FIO), a consortium of leading wallets, exchanges, and cryptocurrency payment processors.
“Binance and Binance Labs have a long-standing commitment to growing the cryptocurrency ecosystem and bringing more real-world adoption to blockchain,” said Ella Zhang, Head of Binance Labs. “We are delighted to advance blockchain usability as the lead investor in the development of the FIO Protocol. We were impressed by FIO’s dynamic business team and founders and look forward to working with the FIO team to achieve our mission together.”
“The Internet was around for more than 10 years before a key usability protocol enabled usage to explode. Our goal is nothing less than to have the decentralized FIO Protocol enable a similar outcome for the blockchain ecosystem,” said David Gold, Founder and CEO of Dapix Inc. “We are humbled by the overwhelming support we’ve received from FIO Members, investors and Binance, who share our vision of improving usability and achieving mass adoption.”
The consortium continues to grow each month as more of the ecosystem is supporting the FIO Protocol as an industry-wide usability standard.