Binance Labs Leads Seed-round Fundraise for BNB Chain Name Service SpaceID
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.
This is a paid press release, BSC.News does not endorse and is not responsible for or liable for any content, accuracy, quality, advertising, products, or other materials on this page. The project team has purchased this advertisement article for $1500. Readers should do their own research before taking any actions related to the company. BSC.News is not responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods, or services mentioned in the press release.
This is a paid press release, BSC.News does not endorse and is not responsible for or liable for any content, accuracy, quality, advertising, products, or other materials on this page. The project team has purchased this advertisement article for $2500. Readers should do their own research before taking any actions related to the company. BSC.News is not responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods, or services mentioned in the press release.
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Related News
Prisma Finance Reportedly Hit by $9M Hack: What to Know
Prisma Finance paused its protocol operations for investigation and advised vault owners to disable delegate approval.
Reports have emerged indicating that DeFi platform Prisma Finance, fell victim to a hacking attack amounting to approximately $9 million. Cyvers, a web3 security platform, raised the alert after it detected suspicious transactions linked to the breach.
🚨UPDATE🚨Our system has detected multiple suspicious transactions with @PrismaFi and still ongoing!
— 🚨 Cyvers Alerts 🚨 (@CyversAlerts) March 28, 2024
Total loss so far is around $9M. Attacker has funded by @FixedFloat!
Our system has detected the malicious contract 2 min earlier than hack transactions!👇
Our system would… https://t.co/9myoV8DL22 pic.twitter.com/SxT5yYZy7U
Initial estimates suggest a loss of $9 million, with the attacker reportedly utilizing funds from the crypto exchange FixedFloat.
Backing up Cyvers' findings, blockchain security firm PeckShield has confirmed the attack, providing details on the assets targeted by the hacker. Among the stolen assets are Prisma mkUSD and wrapped stETH.
In response to the breach, Prisma Finance issued a statement on X acknowledging the potential exploit. The project reportedly halted its protocol operations to conduct a thorough investigation into the incident.
Additionally, Prisma Finance advised vault owners to disable delegate approval as a precautionary measure.
We are aware of a possible exploit on Prisma.
— Prisma Finance (@PrismaFi) March 28, 2024
Core engineering contributors will pause the protocol and investigate.
We'll share an update and a post-mortem.
From DeFi Future to Security Concerns
Prisma Finance was initially hailed as the future of decentralized finance (DeFi), offering solutions in the form of a new LSTFi protocol. It enabled users to mint a fully collateralized non-custodial and decentralized stablecoin, mkUSD, using Ethereum liquid staking tokens (LSTs) as collateral.
However, the recent exploit paints a stark contrast to the platform's previous reputation, raising concerns regarding cybersecurity in the DeFi space.
Rising Trends in Crypto Hacks
The hack on Prisma Finance adds to a concerning trend in the cryptocurrency space. According to a Feb. 29 report by blockchain security firm Immunefi, over $200 million worth of cryptocurrency was lost to hacks and rug pulls last February, across 32 individual incidents.
This represents a 15.4% increase compared to the same period in 2023. Ethereum remains the most targeted blockchain, with 12 attacks accounting for over 85% of the total value lost in February.
This is a paid press release, BSC.News does not endorse and is not responsible for or liable for any content, accuracy, quality, advertising, products, or other materials on this page. The project team has purchased this advertisement article for $1500. Readers should do their own research before taking any actions related to the company. BSC.News is not responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods, or services mentioned in the press release.
This is a paid press release, BSC.News does not endorse and is not responsible for or liable for any content, accuracy, quality, advertising, products, or other materials on this page. The project team has purchased this advertisement article for $2500. Readers should do their own research before taking any actions related to the company. BSC.News is not responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods, or services mentioned in the press release.
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