In a major move to encourage a fair and privacy-focused Web3 ecosystem, Binance Labs today announced that the company has invested in Automata Network, a prominent decentralized service protocol that provides privacy middlewares for dApps.
With the growing popularity of Metaverse and NFTs, Automata Network saw a surge in the adoption of its products. The network aims to resolve the issues associated with transparency and traceable interactions on Web3.
Automata’s Witness, an efficient off-chain governance solution with built-in privacy features, has supported more than 13 projects, including some of the world’s leading networks like Polygon and Avalanche.
Binance Labs noted that the investment will help Automata Network in the expansion of its products and technical research. “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, commented.
In December 2021, Binance Labs led the $60 million funding round of Multichain. The company also invested in WOO Network and Nine Chronicles recently.
Growth of Automata Network
Automata Network has increased its presence significantly across the blockchain industry. According to Binance Labs, the network has established a strong presence with more than 11 local communities.
“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.
In January 2022, Binance Labs led the $5.5 million funding round in Heroes of Mavia.