Binance Labs, the $9 billion venture capital arm of the world’s largest crypto exchange Binance, has unveiled its investment in web3 social network CyberConnect.
“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 of social integrations across the ecosystem. Stay tuned!”, Binance Labs announced on Twitter X.
With the funds raised, CyberConnect will allocate strategically to ecosystem expansion initiatives, community rewards, and new product launches.
Binance Labs is one of the most active investment funds in the crypto industry with assets steadily growing from $7 billion last year to $9 billion. In the last 3 months, Binance Labs has poured capital into Neutron projects (smart contract platform on the Cosmos blockchain), Radiant Capital (RDNT), Helio Protocol, Delphinus Lab, Pendle Finance, layer-1 Initia.
SocialFi is a hot trend now with leading projects such as FriendTech (Base), PostTech (Arbitrum) and StarsArena (Avalanche).
As the dominant exchange in the crypto market, Binance’s investments often have a significant impact on token prices. CYBER has surged over 30%, from $4.8 to $6.6 and now is trading around $6.2. The upward momentum has not cooled down yet, but the current price is still much lower than its ATH of $17.79 achieved last month.
Along with Sei, CyberConnect is 36th-37th projects in Binance Launchpool and was listed on August 15. The project has 1.25 million users, 400,000 monthly active wallets and more than 16 million transactions.