Yi He, co-founder of Binance, will lead Binance Labs, the company’s $7.5 billion venture capital arm.
Support for the Visual Digital Identity Platform
Secure backing of Lifeform, a provider of Visual Digital Identity (DID) solutions, Binance Labs, Binance’s venture capital arm and accelerator.
As published on the Binance Blog, Binance Labs led a seed funding round for Lifeform, whose mission is to empower Web3 users by providing them with their own decentralized DID.
The financing round will give Lifeform the opportunity to accelerate its product development and innovation strategies. This includes the acquisition of further strategic partnerships for the development of security mechanisms and their offerings.
“As users migrate from Web 2 to Web 3, their online presence will shift from digital simulation to digital native,” said Mia Mai, investment director at Binance Labs. “Lifeform’s underlying technology offers users a unique way to express their individuality and will ultimately allow users to seek their own vision of prosperity in a symbiotic ecosystem.”
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Lifeform was launched in 2021 and has been working on DID since 2018 with the goal of connecting the physical world with the digital world. The company’s core technologies include:
- Tools to create ultra-realistic 3D avatars;
- visual DID log;
- secure and innovative contract solutions;
- Decentralized identity system for Web3 avatars; and
- Metaverse Engine Software Development Kit (SDK).
Lifeform has developed a turnkey solution that also gives users the ability to bring their digitally created avatars to the web2 social media platform.
“As users migrate from Web 2 to Web 3, their online presence will transition from a digital simulation to a digital native solution,” said Lifeform Founder Lily Feng.
Binance Labs announces new flagship
In other Binance Labs news, Yi He, co-founder of Binance, has been tapped to lead the company’s $7.5 billion venture capital arm.
With over 200 projects in its portfolio, Binance Labs is one of the largest crypto VCs by assets under management. He is expected to lead both day-to-day operations and global strategy at Binance Labs.
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“As part of the founding team, Yee has been actively involved with Labs since its inception and has been instrumental in identifying projects and early-stage founders to disrupt the global institutions that serve as part of society today. not serve effectively,” said Binance CEO Changpeng Zhao (“CZ”). “This is the perfect moment for Yi to play a larger role at Labs as this market presents a unique opportunity to identify projects with the determination to grow in challenging market conditions.”
Binance Labs focused on early-stage projects in specific areas. Polygon, FTX, Certik, Nym and Dune Analytics are among the most successful projects supported by VC Arm. Binance Labs also recently launched a $500 million mutual fund with participation from institutional players such as DST Global Partners and Breyer Capital.
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