Binance, the largest cryptocurrency exchange in terms of volume, is continuing its investments. Its focus is on DeFi and Web3. In addition to being a cryptocurrency exchange, Binance is expanding its investments in subsidiary categories through Binance Labs. Recently, the company made an investment in a Web3 company called Sleek.
Sleek announced today that it has successfully completed a seed investment round with the participation of Binance Labs, Shima Capital, Spartan Group, Symbolic Capital, Market Across, and Big Brain Holdings. The company reached a valuation of $50 million with a $5 million investment and stated that the funding was carried out through a simple agreement for future tokens (SAFT).
Tania Tse, co-founder of Sleek, said that the company initially started as a codeless metaverse platform called ChapterX but turned into a web3 social network because “it is still too early for mass adoption of the metaverse.” ChapterX was part of the fourth season of Binance Labs’ incubation period.
“We built a Sleek card and Telegram bot to solve a very simple problem: you don’t remember most of the people you meet face to face, so our card and Telegram bot automatically capture data for you and remind you later. Users can also discover other participants and communicate with them through the bot. Through events and conferences, mostly through word of mouth, we have accumulated 20,000 verified users without any monetary incentive. This gives Sleek a strong user base and provides us with insights into user needs.”
Since April 2023, Binance exchange has participated in the investment rounds of nearly 30 projects. The company has focused on investments in the past two months alongside the strong recovery in the cryptocurrency markets. The distribution percentage of the companies invested by Binance Labs, which participated in the investment rounds of a total of 139 different projects, is as follows:
Below, you can see the detailed distribution of the investment areas.
As of August 4th, the projects in which Binance exchange has invested are as follows: