Binance Labs Makes Strategic Investment in Automata Network
Main Takeaways:
Binance Labs strategically invests in Automata Network to support a fair and privacy-focused Web3.
The funding boost comes as Automata Network doubles down on its privacy-focused products and services, including a one-stop NFT platform, a multi-chain DAO deployment platform and a composable middleware API, in the pipeline.
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.
Bill Chin, Head of Binance Labs Fund, said, “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.”
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.
At present, Automata Network has built up a global presence with over 11 local communities set up on the ground. The project has over 160K followers on Twitter, and its campaign with CoinMarketCap was the most popular in 2021, with over 3.7 million people participating in the airdrop.
“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, Co-Founder of Automata Network, added.