BINANCE

Binance Labs Leads $1.5 Million Seed Round for BBS Network

Main Takeaway:

  • Binance Labs has led a $1.5 million seed spherical for BBS Network

  • BBS Network’s founding group has a powerful observe document within the crypto ecosystem, Eyal Hertzog was beforehand the co-founder and CPO of Bancor, one of many first mainstream decentralized buying and selling protocols.

  • The funding will likely be primarily used to construct and launch new options akin to Native App, Search Engine, and Cross-BBS Authentication.

Binance Labs, the enterprise capital and incubation arm of Binance, led the $1.5M seed spherical for Bulletin Board System (BBS) Network, a decentralized Web3.0 public community of user-run on-line message boards.

BBS Network is a SocialFi venture that allows content material sharing to reward creators, curators and different stakeholders with its personal native token. Revenue generated by the platform is shared throughout all BBS ecosystem members in a totally automated, clear and market-driven method. 

Eyal Hertzog, Founder and CEO of BBS, mentioned: “The mission of BBS Network is to return control of content and its economic upside back into the hands of social media users. We are excited to cooperate with Binance Labs to further decentralize the reach of SocialFi, the next great frontier for blockchain. The investment will enable us to focus on building and launching new features such as Native App, Search Engine, and Cross-BBS Authentication.

As a decentralized social community, each put up on BBS will likely be minted into an NFT for higher worth switch, and BBS may also leverage an NFT Bidding Model, which permits anybody to buy the advert house real-estate of any put up (NFT) throughout the community at clear costs. 

Ken Li, Investment Director of Binance Labs, mentioned: “Our team has been deeply exploring the Web 3.0 SocialFi landscape, and we are excited by what decentralization can do for the creator economy, as well as billions of daily social media users.

Ken added: “BBS Network’s founding team has a strong track record in the crypto ecosystem — Eyal was previously the co-founder and CPO of Bancor, one of the first mainstream decentralized trading protocols. It is a unique opportunity for us to work with a group as crypto-experienced as Eyal and the BBS team.”

The funding is a part of Binance Labs’ broader technique to develop the worldwide blockchain ecosystem. In the previous 12 months Binance Labs has invested $150M in direction of 50 initiatives, together with Moonbeam Network, Plasm Network, Highstreet, LayerZero and DoraHacks. Binance Labs additionally not too long ago introduced Season 3 of its Incubation Program which can assist initiatives in rising blockchain sectors akin to GameFi, NFT and DeFi. 

Other co-investors within the BBS Network seed spherical embrace DCG (Digital Currency Group), Polychain Capital GPs, Node Capital, NFX, and DAO Maker.

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Binance Labs, the Venture Capital Arm and Incubator of Binance, into the Gaming and Developing

Binance Labs identifies, invests, and empowers viable blockchain entrepreneurs, startups, and communities, offering financing to trade initiatives that assist develop the bigger blockchain ecosystem. Binance Labs is dedicated to supporting fast-executing groups who positively influence the crypto house. Read the next merchandise about Binance Labs current Season3 Incubation program: 

Binance Labs Launches Season 3 of Incubation Program

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