A decentralized ID protocol, SPACE ID has announced that it has concluded its seed funding round. The venture capital investment arm of Binance, Binance Labs, led the round. Space ID disclosed that the company would divert funds towards incorporating the .bnb domain name service into the BNB chain ecosystem. The funds will also aid the domain development of BNB’s universal multi-chain. 

Since last month, Space ID has registered about 19,000 .bnb domain names. Also, Space ID disclosed that more than 40 projects have begun using the domain name service. The projects include Project Galaxy NodeReal, Trust Wallet, Chainlink, Ankr, STEPN, and DODO. The firm’s Head of Growth, Mathieu Samson, communicated some of the company’s plans to investors. Samson revealed that the fund would aid SPACE ID advancement from Web 2 to Web 3.0.

Since its creation in March 2022, the firm has positioned itself in a leading position in the industry. SPACE ID intends to solve the rigorous stress attached to the use of universal ID for users’ Web 3.0 exploration. Part of its achievement in the Web 3.0 space, SPACE ID garnered about $670,000 in an auction last month. During the auction, the SPACE ID platform sold 000.bnb ID name for more than 1100 BNB. 

SPACE ID intends to develop the multi-chain capacity to assist blockchain users with a unique name across all chains. Likewise, the firm is also working on a universal naming standard and a software development kit (SDK). The project aims to add flexibility and seamless posture to Web 3.0 engagements.

Binance Contribution To Web 3.0 Embracement

Binance has contributed massively to numerous Web 3.0 projects as a leading figure in the crypto space. Its recent investment in SPACE ID further highlights the crypto exchange’s commitment to Web 3.0 initiatives. Crypto enthusiasts believe that the future of blockchain is multi-chain technology. There are high hopes that the implementation of multi-chain will play a prominent role in the development of Web 3.0

A Binance Labs investment team member, Nicola W., has reacted to the development. Nicola disclosed that the investment in SPACE ID comes with the foresight of mending the gap between Web2 and Web3. Nicola added that the team is looking forward to working with SPACE ID to enhance Web3 name services and contribute to the development of the BNB ecosystem.

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