Binance Labs Backs Particle Network’s Modular Blockchain to Streamline Multi-Chain Liquidity

• Binance Labs announces support for modular Layer 1 blockchain Particle Network to boost its cutting-edge solutions for liquidity fragmentation in Web3. 

• The secured funds are reportedly diverted into key areas to expand its global team and enhance crucial integrations relevant to its mission. 

Binance’s (BNB) Venture Capitalist arm, Binance Labs, announced its investment of an unspecified amount in the modular Cosmos (ATOM)-based layer-1 project Particle Network. According to the report, this decision underscores Binance’s commitment to addressing the issues of user and liquidity fragmentation in Web3. 

#Binance Labs is investing in Particle Network, a modular Layer-1 #blockchain designed to tackle user and liquidity fragmentation in the multi-chain ecosystem. With a focus on universal accounts and liquidity, Particle Network aims to unify Web3. https://t.co/7nvBJDIciR pic.twitter.com/ozBl84fWrf— Collin Brown (@CollinBrownXRP) August 2, 2024

In a blog post published by Binance, the challenges of the increasing proliferation of L1 and L2 chains and their long-term impact on poor user experience were highlighted. Fascinatingly, Particle Network has taken initiatives to offset these by providing Chain Abstraction infrastructure using four key features – Universal Accounts, Universal Liquidity, Universal Gas, and the Particle L1 chain. 

According to Binance, this funding would enhance the operation of the modular Layer 1 blockchain to effectively coordinate the multi-chain ecosystem. With this, users could seamlessly maintain a single account and balance across the ecosystem to pay gas in a preferred token. 

The information captured in the blog post also discloses that Particle Network would channel the secured funds to key areas for expanding its global team while enhancing the features and integration of its Chain Abstraction ecosystem. Most importantly, this would lay the foundation for their L1 mainnet launch later this year and provide comprehensive solutions to users and developers. 

Founder of Particle Network and Co-Founder of Binance React

Commenting on this, the Founder of Particle Network Pengyu emphasized that this support would enhance its technical capabilities and accelerate the realization of its core mission. 

We are honoured to receive this investment from Binance Labs, a true pioneer in driving industry innovation. This partnership is a significant milestone for Particle Network as we work towards advancing the realization of Chain Abstraction and accelerating the mass adoption of Web3. With Binance Labs’ support, we will enhance our technical capabilities and expand our reach within the global Web3 community. Together, we are committed to making Web3 more accessible and user-friendly for everyone.

With a dedication to empowering early-stage projects and boosting the growth of the ecosystem, Binance Labs has expanded its services to 25 countries across six continents over the years. Currently, its portfolio covers over 250 projects, with more than 65 of the portfolio companies going through its incubation program. 

According to Messari data, Binance Labs was the most active VC in the second and third quarters of 2023 (Q2 and Q3 2023). Multiple incubation programs were rolled out during this period, with 2000 global startups applying. In the first half of 2024, Binance Labs announced several investment supports, including an undisclosed amount to Telegram’s Catizen, and Rango exchange, as we formerly reported. 

Speaking on its recent initiative, Yi, co-founder of Binance and Head of Binance Labs, reiterated Binance Labs’ commitment to supporting new projects, including Particle Network, to advance its mission.

Binance Labs is committed to supporting founders who are building innovative products to onboard the next billion users into Web3. We look forward to supporting Particle Network in their mission to create a smoother and more intuitive user experience for everyday users.

At press time, Binance’s native token, BNB, was trading at $570 after surging by 0.4% in the last 24 hours.