Binance Labs Invest in Ancilla, Leading Pre-seed Founding Round

Binance Labs, the venture capital and incubation arm of Binance, the world’s largest cryptocurrency exchange Cryptocurrency Exchange A cryptocurrency exchange is an online platform that supports the exchange of various currencies for a cryptocurrency or digital asset.Comparable to a generalized financial exchange, a crypto exchange’s core function is to permit and encourage the buying and selling of cryptos.This is accomplished by producing a stable trading environment suitable for traders nested through different locations around the world. Sometimes a crypto exchange may be referred to as a digital currency exchange (DCE) f A cryptocurrency exchange is an online platform that supports the exchange of various currencies for a cryptocurrency or digital asset.Comparable to a generalized financial exchange, a crypto exchange’s core function is to permit and encourage the buying and selling of cryptos.This is accomplished by producing a stable trading environment suitable for traders nested through different locations around the world. Sometimes a crypto exchange may be referred to as a digital currency exchange (DCE) f Read this Term by trading volume, announced on Tuesday that it led the pre-seed funding round for Ancilla, Inc.

Ancilla was founded in 2022 and offers real-time and automated threat detection in the blockchain space and software-as-a-service (SaaS) products for better fraud prevention. The startup’s platform collects off-chain and on-chain data to monitor the protocol 24/7 and generate security alerts using machine learning technology.

The press release published by Binance Labs did not disclose the invested sum but only revealed that the venture capital arm of the Binance cryptocurrency exchange led the initial funding. In June, Binance Labs secured $500 million in investment funds to support Web3 projects. Ancilla, which offers innovation in Web3 security, joined the ranks of startups that could receive support from this pool.

“We are still in the early years of the Web3 industry. To facilitate wider adoption of Web3 technology, prioritizing security and user protection are paramount. At Binance Labs, we are on the continued lookout for projects that offer innovative security solutions. Founders of these projects understand the importance of building a safe and sustainable ecosystem for users, and we are ready to support them,” Yi He, Co-Founder of Binance and Head of Binance Labs, said in a statement.

Received funds will help Ancilla build a bigger team, accelerate the development of the threat detection platform and widen the range of current use cases within the Web3 industry. The key offering of the project includes smart contract audits, malicious activity detection, fraud and hack prevention.

$500m to Fund Web3 Projects

As mentioned above, Binance Las secured $500 million in investment funds a few months ago. DST Global Partners, Breyer Capital and Whampoa Group were the global institutional investors contributing to the fund.

“In a Web3 environment, the connection between values, people and economies is essential, and if these three elements come together to build an ecosystem, that will accelerate the mass adoption of the blockchain Blockchain Blockchain comprises a digital network of blocks with a comprehensive ledger of transactions made in a cryptocurrency such as Bitcoin or other altcoins.One of the signature features of blockchain is that it is maintained across more than one computer. The ledger can be public or private (permissioned.) In this sense, blockchain is immune to the manipulation of data making it not only open but verifiable. Because a blockchain is stored across a network of computers, it is very difficult to tampe Blockchain comprises a digital network of blocks with a comprehensive ledger of transactions made in a cryptocurrency such as Bitcoin or other altcoins.One of the signature features of blockchain is that it is maintained across more than one computer. The ledger can be public or private (permissioned.) In this sense, blockchain is immune to the manipulation of data making it not only open but verifiable. Because a blockchain is stored across a network of computers, it is very difficult to tampe Read this Term technology and crypto,” Changpeng Zhao, Binance’s Founder and Chief Executive Officer, explained in June.

Binance Labs is regularly supporting perspective crypto and Web3 companies; in June, it participated in Community Gaming’s, a major esports competition platform, $16 million Series A investment round. A month earlier, it supported Aptos Labs, a Layer 1 blockchain.