Binance Labs, the venture arm of the world’s largest digital currency exchange, has accomplished its first investment for this year, beginning with HOPR, a decentralized privacy company. Coupled with HOPR’s upcoming token offering, the funds raised aim to ensure the next-level data protection for the Web3 internet users.

Binance Labs took the lead

Following the recent announcement, the $1 million funding round was led by Binance Labs for the data privacy company with an undisclosed amount. The funding round also saw participation from other venture companies, including the likes of Spark Digital Capital, Focus Labs, etc.

In addition to the investment round being led by Binance Labs, the data protection firm also plans its token sale. A significant portion of the funds garnered through these activities will purportedly be utilized to further enhance the safety of people’s data as they navigate through the internet. 

Basically, HOPR specializes in offering a secured framework, including relevant tools, particularly for theWeb3 ecosystem, to ensure that internet users have optimum control of their data.

Binance Labs backs Web3 data protection

While commenting on the development, the Strategy Official at Binance, Gin Chao, explained:

As Web 2.0 showed that companies and corporations are in control of a user’s information and data, the team at HOPR has shown us how their decentralized network achieves privacy guarantees on the metadata level and gives power back to the people.

The company hopes to employ more workforces, and introduce advanced data protection techniques, particularly an incentivized mixnet. This will protect against vulnerable metadata and will enable the public to run nodes so as to earn the soon-to-be offered HOPR tokens, while still ensuring the protection of Web3 internet users.