Major cryptocurrency exchange Binance invested in blockchain data monetization startup Numbers.
Major cryptocurrency exchange Binance has invested an undisclosed sum in blockchain data monetization startup Numbers.
According to a post published on Binance’s official blog on Jan. 21, Numbers aims to create an open, transparent and traceable data sharing, verification and management system. The firm’s open source application reportedly allows individuals to own and monetize their personal data.
Since last year, Numbers has reportedly worked with nonprofit Shoah Foundation, the Stanford University and IBM to develop data traceability and verification systems to preload on the Exodus, the blockchain smartphone of tech giant HTC. Binance’s strategy officer Gin Chao said:
“Numbers app is integrated with Binance Chain through Zion, a hardware-based key management system and offers the developer community easy access to use the Binance Chain and for hardware wallet protection, digital signature and so on.”
The beginning of a broader collaboration
Numbers’ co-CEO Bofu Chen explained that he wants to help create traceable and trustworthy data through an open data framework. He believes that trading of such data brings more trust and higher operational efficiency to society. At the same time, the system also rewards individuals for their information. He explained that the startup’s relationship with Binance is not limited to the monetary investment:
“The investment from Binance will help us explore more use scenarios and accelerate technological and business development. We are also working to open the libraries we built for the developer community in 2020 so that more developers can leverage our work and use the Binance Chain with more ease.”
This is the latest in a long series of investments made by Binance. In late December, the exchange also invested in and became a strategic advisor at crypto derivatives exchange FTX.
In September last year, Binance participated in a $200 million funding round of Beijing-based Mars Finance, a local crypto and blockchain publication. Earlier that the same month, the exchange’s venture arm led a $5.7 million funding round to launch a new decentralized blockchain protocol, the FIO Protocol.
