CyberConnect Receives Investment from Binance Labs - CYBER Skyrockets
The token price has surged following Binance Labs' announcement of investment in the SocialFi project CyberConnect.
CyberConnect Receives Investment from Binance Labs - CYBER Skyrockets
Binance Labs, the $9 billion venture arm of the world's largest crypto exchange Binance, has announced an investment in the Web3 social network CyberConnect. However, the exact amount invested has not been disclosed.
In a statement late on October 25, Binance Labs stated:
"We have completed another round of investment in CyberConnect. We see the potential of SocialFi in driving Web3 to become a dominant trend."
With the funds raised, the project plans to strategically allocate resources for ecosystem expansion, community rewards, and the launch of new products.
Binance Labs is among the most active investment funds in the crypto industry, with assets growing steadily from $7.5 billion to $9 billion.
We have made a follow-on investment round in @CyberConnectHQ, a decentralized social network.
— Binance Labs Fund (@BinanceLabs) October 25, 2023
We see SocialFi's potential in propelling Web3 into the mainstream, and we’ll be hosting an AMA to dive into the opportunities of social integrations across the ecosystem. Stay tuned!
In the past three months alone, Binance Labs has invested in projects such as Neutron (a smart contract platform on the Cosmos blockchain), Radiant Capital (RDNT) - $10 million, Helio Protocol - $10 million, Delphinus Lab, Pendle Finance, and layer-1 Initia.
SocialFi is currently a popular trend. Leading projects in this space include FriendTech (Base chain), PostTech (Arbitrum chain), and StarsArena (Avalanche chain).
As the dominant exchange in the crypto market, Binance's investments often have a significant impact on prices. CYBER has surged 37%, rising from $4.8 to $6.6 immediately following this news. The momentum remains strong, although the current price is still below the ATH ($17.79) set by the project.
1-hour chart of BTC/USDT pair on Binance at 08:50 AM on October 25, 2023
Alongside Sei, CyberConnect is the 36th-37th launchpool project by Binance and was listed on August 15. Currently, the project boasts 1.25 million user profiles, 400,000 active wallets monthly, and over 16 million transaction histories.
