SPACE ID Closes Seed Funding Round Led by Binance Lab for Undisclosed Amount
- Founded in March 2022, SPACE ID aims to solve the problem of there being no easy-to-use universal ID for your Web3 presence.
- The 000.bnb ID name was sold for over 1100 BNB on the Space ID platform last month.
- Reportedly, over 19,000 .bnb names have been registered since August.
SPACE ID, a decentralized ID protocol, has announced that it has closed its Seed Funding Round led by Binance Labs. Reportedly, the investment funds will be channeled towards integrating the .bnb Domain Name Service into the BNB Chain ecosystem, and its universal multi-chain domain development.
Notably, Space ID takes pride in over 19,000 .bnb domain names that have been registered since August 2022. Additionally, the company said that more than 40 projects have started the service integration, including Project Galaxy, DODO, STEPN, Trust Wallet, Chainlink, Ankr, and NodeReal among others.
In a note to investors, the Head of Growth at SPACE ID Mathieu Samson said that the investment will help in the transformation from Web2 to Web3.
Founded in March 2022, SPACE ID aims to solve the problem of there being no easy-to-use universal ID for your Web3 presence. The platform has already made headlines with major name auctions taking place last month, worth around $670k.
For instance, 000.bnb ID name was sold for over 1100 BNB on the Space ID platform. Reportedly, over 19,000 .bnb names have been registered since August.
“The crypto wallet address with its 40 meaningless characters can be simplified by a preferred username that is recognized across all Web3 scenarios that require an ID gateway, and SPACE ID is definitely making this happen as we speak,” Samson added.
Binance Accelerates Web3 Adoption Via Space ID
As the largest cryptocurrency exchange globally by daily traded volume, Binance feels obliged to build the future of blockchain technology. Notably, the future of blockchain technology has been identified as multi-chain technology.
With no proper definition of Web3, the multi-chain capability is surely going to play a crucial role in its development.
Through its venture firm, Binance has made several investments in Web3-focused projects.
Nicola W. from the investment team of Binance Labs said that the investment in Space ID is strategic in bridging the gap between Web2 and Web3.
Furthermore, SPACE ID is building a universal naming standard and a software development kit (SDK) that brings flexibility and simplicity to Web3 interactions.
“We look forward to working closely with SPACE ID to facilitate Web3 name services and further grow the BNB ecosystem,” Nicola noted.
In the future, Space ID seeks to develop a multi-chain capacity that will help blockchain users use a universal name across all chains.
Side Notes
Binance has several blockchains including the smart chain to enhance DeFi and Dapps’ developments. The company has put BNB at the core center of all its projects, which use the coin for fee payments among others.
According to our data, BNB’s price is exchanging hands at around $281.63, up 2 percent in the past 24 hours. The BNB coin has a market capitalization of approximately $46 billion, with an average daily traded volume of around $763 million.
Rebecca is a Senior Staff Writer at BitcoinWisdom, working hard to bring you the latest breaking news in the cryptocurrency market. In the words of Elon Musk “Buy stock in several companies that make products & services that *you* believe in. Only sell if you think their products & services are trending worse. Don’t panic when the market does. This will serve you well in the long-term.”
