The social network Web3, known as #CyberConnect , had a significant increase of 31.2% in its growth within a 24-hour period subsequent to the announcement of an investment by Binance Labs.
The venture capital branch of #Binance Labs, the leading cryptocurrency exchange in terms of trading volume, recently announced on Twitter that it has made an additional investment in CyberConnect. This decision was based on the perceived market benefits that CyberConnect brings to the web3 social arena.
We have just engaged in a further funding round for @CyberConnectHQ, a decentralized social network platform.
The potential of SocialFi in driving the adoption of Web3 technology among the general population is evident. To further explore the possibilities of integrating social aspects into the Web3 ecosystem, we will be organizing an Ask Me Anything (AMA) session. Please be engaged and attentive.
Shortly after the official declaration, the investigation into CYBER, the token native to the platform, started an upward trajectory, seeing a substantial surge of 31.2% and reaching a trading value of $6.35.
Binance's decision to allocate investment towards the platform was driven by the increasing prominence of the blockchain ecosystem niche.
Web3 social platforms elevate the conventional social networking platform by utilizing community growth processes and peer-to-peer incentive systems.
CyberConnect prides itself on its network infrastructure designed specifically for developers to construct social applications that empower users with comprehensive authority over their data and privacy.
The absence of privacy on the majority of web2 social platforms has been subject to criticism by users, leading to the emergence of community-driven platforms that produce content and operate independently from a centralized authority.
Binance has undertaken an expansion of its investment in the Web3 ecosystem.
Binance Labs has gained recognition for its substantial financial backing and specialized assistance provided to several web3 businesses, aimed at developing decentralized apps that address core use cases and resolve challenges within the ecosystem.
Despite the significant market disruptions caused by the failures of Terra and FTX last year, the investment fund of the business has experienced substantial growth, reaching a total value of $9 billion.
In the current fiscal year, the organization has made strategic investments in Altlayer, Kinza, and KiloEx, with a notable allocation of $15 million towards the web3-enabled platform Xterio.
