Binance Labs announces investment in AltLayer

Yi He – Director of Binance Labs – Credit: Binance

Binance Labs has produced a strategic investment in AltLayera Rollups-as-a-Service (RaaS) provider for DApps.

This Wednesday, Binance Labsthe venture capital unit of the giant Binance, has announced a investmentundisclosed amount in blockchain startup AltLayer.

AltLayer is a supplier of Rollup-as-a-Service (RaaS) solutions designed to accelerate the deployment of “highly scalable” decentralized applications. Its multi-VM protocol (EVM/WASM) enables both experienced and novice developers to create a “virtual” application. customized rollup in just a few minutes, as advertised.

“A common problem with rollups today is that they work primarily with centralized sequencers and create fragmented liquidity and user base. We found theAltLayer to facilitate the launch of application-specific rollups via Beacon Layer very inspiring. Their core network offers properties of decentralization and interoperability that are essential in a world with thousands of rollups,” said Nicola W, Investment Director at Binance Labs.

Yaoqi Jia, boss ofAltLayerfor its part, welcomed the support of the crypto-trading giant. “We are honored to have this strategic investment from Binance Labs, and look forward to strengthening the rollup ecosystem with them.”

The project had already raised 7.2 million dollars in the summer of 2022 through a funding round co-led by Polychain Capital, Jump Crypto and Breyer Capital, according to data provided by Crunchbase.

Last month, Binance Labsone of the largest VCs in this nascent industry, has again been quite active, with investments in several projects including Web3Go, Xterio and Radiant.

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