Binance Labs Leads SPACE ID’s Seed Round to Support the Universal Naming Service Network


Main takeaways:

  • Binance Labs led the seed round of SPACE ID, which is building a universal naming service network.

  • The fund will be allocated for leveling up SPACE ID’s first version of the .bnb domain and developing its upcoming chain-agnostic domains.   

Binance Labs, the venture capital arm and accelerator of Binance, led SPACE ID’s seed round. SPACE ID is a universal naming service network that connects people, assets, and dApps across different blockchain networks.

SPACE ID is building decentralized, censorship-resistant, and open-sourced universal identifiers. The naming service network allows users to use one human-readable domain name to represent their identities across all individual DApps and blockchains. Each domain service is built around the following properties:

  • A universal username equipped with multi-chain interoperability. 

  • A decentralized identity in a single source of truth (SSOT) system. 

  • An ad-hoc oracle chain to enhance scalability and availability.

The first version of SPACE ID was launched in August 2022 along with the .bnb domain, bringing developers building on the BNB Chain a standard domain identifier. To date, SPACE ID has completed 10 premium .bnb domain auctions on the Binance NFT marketplace, with more than 19,000 .bnb domain names having been registered. The team is working to partner and integrate with many projects within the BNB Chain ecosystem.

Nicola W. from the Binance Labs’ investment team commented: “SPACE ID is building a universal naming standard and a software development kit (SDK) that not only brings flexibility and simplicity to users’ Web3 interactions, but also bridges the gap between Web2 and Web3 apps. We look forward to working closely with SPACE ID to facilitate Web3 naming services and further grow the BNB ecosystem.”

Solo, growth lead at SPACE ID, said: “If having a recognizable identity is not really what humans want, then everyone’s Twitter handle could as well be composed of 40 meaningless characters, like a crypto wallet address. Yet, we all choose to get a username that resonates with us. Why would it be different with your Web3 identity? You could secure a universal identity that would stay the same, not only across all apps, but also all blockchains. At SPACE ID, our team aims to not only deliver this need, but also lead the charge.”

About Binance Labs

Binance Labs identifies, invests in, and empowers viable blockchain entrepreneurs, startups, and communities, providing financing to industry projects that help drive the wider blockchain ecosystem. 

Binance Labs is committed to supporting fast-executing teams who positively impact the crypto space and build the decentralized web. 

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