Binance Labs Leads $1.5 Million Seed Round for BBS Network

Binance announced that its venture capital and incubator Binance Labs led a $1.5 million seed round of funding for Bulletin Board System (BBS) Network , a decentralized Web3.0 public network consisting of online message boards run by users.

BBS Network is a SocialFi project through which users can share original content, and creators, planners, and other related participants can also obtain income in the form of native tokens. Platform revenue is generated through a fully automated and transparent process, and is distributed among all BBS ecosystem users through a market mechanism.

Eyal Hertzog, founder and CEO of BBS, said: “The mission of BBS Network is to return the control of social media content and revenue to the users themselves. SocialFi will be the next hot spot in the blockchain. Through cooperation with Binance Labs, We will be able to further realize the decentralization of SocialFi. After this round of financing, we will focus on developing more new features, including native applications, search engines, and cross-BBS verification.”

On BBS, a decentralized social platform, every time a tweet is posted, an NFT will be cast, facilitating the later flow of value. BBS will also use the NFT auction model to sell the advertising space of each tweet (NFT), the price is transparent, and it is childish.

Ken Li, Investment Director of Binance Labs, said: “Our team has been deeply involved in the field of Web 3.0 SocialFi. Decentralization can benefit the entire creative economy and billions of deep social media users. We are very excited about this.”

Ken added: “The founding team members of BBS Network have extensive experience in the crypto-asset industry. For example, Eyal is one of the earliest mainstream decentralized transaction protocols-the co-founder and chief process officer of Bancor; the Binance team is in this industry. With the same rich experience, this cooperation provides a very rare opportunity for both parties.”

Through this investment, Binance Labs will further promote the development of the global blockchain ecosystem. In the past year, Binance Labs has invested in 50 projects with a total investment of US$150 million. Projects that have received investment include Moonbeam Network, Plasm Network, Highstreet, LayerZero, DoraHacks, etc. Binance Labs recently announced the launch of the third season of the incubation program, which will support projects in the fields of blockchain games, NFT, and DeFi.

In addition to Binance, institutions participating in this round of investment also include DCG (Digital Currency Group), Polychain Capital GPs, Node Capital, NFX, and DAO Maker.

Go to Binance Official Website