Binance Labs Investment in SocialFi CyberConnect Propels Token Over 30%
Web3 social platform, CyberConnect, records a soaring 31.2% growth in the last 24 hours after Binance Labs announced an investment into the firm.
The venture capital division of the largest cryptocurrency exchange by volume, Binance Labs revealed on X (Twitter) that it made a follow-on investment into CyberConnect citing market utilities for the web3 social space.
“We have made a follow-on investment round in @CyberConnectHQ, a decentralized social network.
We see SocialFi’s potential in propelling Web3 into the mainstream, and we’ll be hosting an AMA to dive into the opportunities for social integrations across the ecosystem. Stay tuned!”
Hours after the announcement, the probe of CYBER, the platform’s native token began an uphill climb, soaring 31.2% to trade at $6.35.
Binance’s decision to invest in the platform was borne out of the growing popularity of the niche around the blockchain ecosystem.
Web3 social platforms take the traditional social networking platform to new levels leveraging community development mechanisms and peer-to-peer reward systems.
CyberConnect boasts of a network built for developers to create social applications to give users full control of their data and privacy.
Users have criticized the lack of privacy on most web2 social platforms spurring a rise in community-knitted platforms that generate content and work without the control of a centralized entity.
Binance Labs is known for its huge funding and expert support to multiple web3 startups to build decentralized applications with fundamental use cases and to solve problems in the ecosystem.
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