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Binance Labs Leads Major Funding Round for UniSat Bitcoin Wallet
UniSat Wallet, a browser extension wallet, has successfully completed a Pre-A funding round. This strategic round was led by global cryptocurrency exchange giant, Binance’s incubation arm, Binance LabsThe announcement was made by UniSat on X (formerly Twitter) where the team expressed gratitude for the investment.
Binance Labs and UniSat Partnership
UniSat’s announcement reads: “We are thrilled to share that @binance led the UniSat Pre-A round, which closed in May 2024. This strategic investment strengthens the ongoing technical and commercial partnership between both parties and lays a solid foundation for even greater collaboration in the future.”
Furthermore, this investment marks a pivotal moment for UniSat, which has emerged as a leading player in the Bitcoin Ordinals and BRC-20 services space. To put it in context, the wallet offers users a seamless experience in managing their Bitcoin and Ordinals. It also emphasizes security and ease of use.
The collaboration between Binance Labs and UniSat symbolizes a strong partnership aimed at driving technological advancements and expanding business opportunities within the Bitcoin ecosystem. However, the specific amount of the investment remains undisclosed.
BinanceBinance Labs’s venture capital and incubation arm has a history of strategic investments. It also aims to encourage innovation and growth in the cryptocurrency market. This investment in UniSat is in line with Binance Labs’ broader strategy of supporting infrastructure that improves the functionality and accessibility of blockchain technologies.
UniSat’s journey to this milestone has been marked by significant developments and strategic moves. Last year, in July, Wu Blockchain reported that UniSat Wallet was raising funds at a valuation of $50 million. The report noted that Binance Labs was in communication with UniSat and that some investors had already been finalized. The UniSat team’s experience in developing Bitcoin SV (BSV) was noted as a significant factor in its market positioning and technological proficiency.
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Other investments of the cryptocurrency giant
Additionally, Binance Labs has been active in making such investments in various blockchain projects. In June, Binance Labs made the most recent investment in Infrared. This is a protocol focused on improving user access to Berachain’s Proof of Liquidity (PoL) mechanism.
It also marked the incubation arm’s first investment in Safety chain ecosystem, signaling more similar initiatives in the future. Recently, Binance also hinted at major announcements for Monday, July 14, 2024. In a post on X, the cryptocurrency exchange urged its users to “save the date,” raising speculation about potential announcements.
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