Binance Labs Leads Seed-round Fundraise for BNB Chain Name Service SpaceID

by BSC News

September 6, 2022


Binance Labs leads seed-round raise of Web3 indentity management protocol SpaceID

SpaceID aims to simplify blockchain address management as it moves towards implementation.

Creating recognizable usernames for BNB Chain addresses

Binance Labs, the Web3 investment and venture capital arm of Binance, is leading the seed round of SpaceID. The raise will accelerate the actualization of SpaceID in its mission to become the standard domain identifier for BNB Chain addresses and eventually facilitate its transition to a universal domain service with multichain support.

SPACE ID is building a universal naming standard and a Software Development Kit (SDK) that not only brings flexibility and simplicity to users Web3 interactions, but also bridges the gap between Web2 and Web3 apps. We look forward to working closely with SPACE ID to facilitate Web3 name services and further grow the BNB ecosystem.Nichola W. Binance team investment member said in the official announcement.

Despite being in its embryonic stage, SpaceID has generated a lot of momentum lately, largely within the BNB community. The team has initiated numerous collaborations and integrations with projects such as DODO, Trust Wallet, NodeReal, Chainlink, Ankr, Mathwallet, Apeswap, Beefy, as well as other leading developers in the BNB Chain ecosystem. The recently completed .bnb domain pre-registration attracted 8,984 participants with a total of 23,518 BNB domains registered.


A significant step for mainstream crypto adoption?

SpaceID is building an open-source, decentralized, censorship-resistant universal naming network that connects people, assets, and dApps across different blockchain networks using a single human-readable domain name to represent all their Web3 identities. The protocol will ease Web3 information management, which remains a challenge for crypto users that manage multiple blockchain addresses.

“If having a recognizable identity is not really a need that humans want, then everyone’s Twitter handle could as well be composed of 40 meaningless characters, like a crypto wallet address. Yet, we all choose to get a username that resonates with us. Why would it be different with your web3 identity?” said Solo, SpaceID Head of Growth while highlighting the projects importance.

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