Binance Labs, the incubator and investment arm of the world’s largest cryptocurrency exchange, said it invested an undisclosed amount in Salus Security, which provides blockchain smart contract audits and automated smart contract vulnerability detection.
See related article: Binance’s US$7.5 billion woman sees plenty of promise in bear markets
Fast facts
- Binance Labs said in a statement on Monday that it led the seed funding round for Salus Security, without saying how much was raised.
- “At Binance, security has always been a priority and we’re on the continued lookout for service projects that offer innovative security solutions to resolve pain points currently facing the blockchain ecosystem,” Yi He, Co-Founder of Binance and Head of Binance Labs, said in the statement.
- Yi He, Binance cofounder and head of Binance Labs, told Forkast in an interview that she has aggressive plans for the venture capital arm, which manages US$7.5 billion in assets across more than 200 projects.
- He said tough economic conditions are the time for identifying promising projects to invest in. Binance’s looking to invest in Web 3.0 projects from infrastructure, application and data to analytics and security, she added.
- In June, Binance Labs closed a $500 million investment fund that includes partners such as internet investment firms DST Global Partners and Breyer Capital.
See related article: Binance makes additional investment in Mo Shaikh’s blockchain startup Aptos