The king of cryptocurrency exchanges, Binance, continues to fire BTC rockets to its investors even in bear markets. As the largest cryptocurrency exchange in terms of volume, investments made by Binance are highly significant and have serious effects on prices. But which altcoins did they invest in and why?
According to the announcement shared by Binance, the exchange’s investment arm, Binance Labs, has invested in CyberConnect (CYBER). This project facilitates the creation of Web3-focused social media applications. The interest in the SocialFi space is still alive and Binance supports it by investing in CyberConnect.
Binance also stated the following:
“CyberConnect is designed to disrupt the current status quo of centralized social media platforms and offers an alternative that provides a familiar Web2 user experience to a community. CyberConnect, through its in-house social network application called Link3, which helps the best projects reach new audiences and protect existing ones through Web3-specific activities, posts, and profiles, has collected 1.3 million user profiles so far.”
The funds raised will be allocated strategically to ecosystem expansion initiatives, community rewards, and product launches. These funds will be used for the release of CyberWallet and “Login with CyberConnect” SDKs, as well as the release of CyberConnect V3. Additionally, the CyberGrant developer program will also be launched.
Along with the news, the price of CYBER Coin jumped from $5 to $5.9.