UniSat Wallet, the largest Bitcoin Ordinals and BRC-20 service provider, has closed its Pre-A funding round, with Binance Labs, the venture capital arm of the Binance exchange leading the investment.
Binance Investment Brings a Lot of Benefits
According to a post on X, the funding will enhance UniSat’s technological capabilities and broaden its service offerings. Although the amount of funds was not disclosed, UniSat voiced its appreciation to Binance for the investment and partnership. UniSat plans to leverage this funding to establish a robust infrastructure, and support a wide range of digital asset classes, including Bitcoin.
We are excited to share that @binance led the UniSat Pre-A round, which was completed in May 2024.
This strategic investment strengthens the ongoing technical and business partnership between both parties and lays a solid foundation for even greater collaboration in the…
— UniSat – Inscribe your dream. (@unisat_wallet) July 4, 2024
Notably, the strategic investment is significantly enhanced by the ongoing technical and business partnership between both parties, establishing a robust basis for even closer collaboration in the future.
Recall that last year, UniSat Wallet raised funds at a valuation of $50 million. The non-custodial wallet makes it safe for users to store, send, and receive Bitcoins and Ordinals on the Bitcoin blockchain.
Binance Labs Invest In Zircuit
Last month, the venture capital arm of the world’s leading cryptocurrency exchange invested in Zircuit, a Layer 2 (L2) solution leveraging zero-knowledge (zk) roll-up technology and artificial intelligence (AI).
Binance Labs’ investment in Zircuit highlights its dedication to fostering innovative technologies that enhance users’ experience in the Web 3.0 sector. The investment is also a significant endorsement of Zircuit’s potential to revolutionize user security in the blockchain space.
Binance Labs is Dedicated to Web 3.0
In April, Binance Labs emerged as the venture capital firm with the largest Launchpool projects among top investment firms. According to a report, data on 30 Binance Launchpool projects since November 2021 was compiled. The report identified participation from 288 institutional and individual investors in these Launchpool projects.
Binance Labs took the lead by participating in 21 projects with 190 investment portfolios, achieving an 11.05% hit rate for Launchpool. Meanwhile, in 2023, Binance Labs invested in five initiatives in the fifth season of its incubation Programme, a chain-agnostic effort. Yibo Ling, Chief Business Officer at Binance said: “Binance Labs remain dedicated to empowering scalable early-stage projects that contribute to the advancement of the industry.”
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