Decentralized social network CyberConnect saw its token skyrocket by more than 30% after Binance Labs, the $9 billion venture capital arm of the world's largest crypto trading platform, announced an investment in the company.
The price of cyber shot to as high as $6.35 from $5.o5 on Wednesday, according to CoinGecko data. That's still far off its all-time high of more than $15 achieved last month. The investment division announced the investment on X. "We have made a follow-on investment round in CyberConnect," Binance Labs said in its post. "We see SocialFi's potential in propelling web3 into the mainstream."One of crypto's most active investors, Binance Labs' assets have grown to $9 billion, up from $7.5 billion last year. In July, Binance invested $15 million in Xterio, a web3 gaming startup.
Social finance platforms are one of the latest trends in crypto. Top projects so far include FriendTech, PostTech and StarsArena. CyberConnect wants to enable "developers to create social applications" which empower "users to own their digital identity, content, connections, and interactions," according to the company's website.© 2023 The Block. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.