Binance invests in developing domain name .bnb

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Ukraine, Odessa - October, 9 2021: Binance mobile app running at smartphone screen with Binance logo at background. Binance one of the world's leading cryptocurrency exchange and trading platform

On September 2, Binance Labs, the investment unit of the Binance exchange, announced its participation in a fundraising round of the Space ID project. This is a project that provides domain names on various blockchain networks.

According to the official blog announcement, Binance Labs led the SPACE ID seed round. The funds will be used to upgrade the first version of the domain “.bnb” and develop upcoming chain-agnostic domains.

Binance Labs Invests in SPACE ID

SPACE ID is building a “universal” identity system with decentralized, censorship-resistant and open source. The naming system allows users to use representative domains across different applications and blockchains.

The first version of SPACE ID was deployed in August 2022 with the domain name “.bnb” on BNB Chain. Up to now, the project has more than 19,000 domain names “.bnb” registered. The project team is working to connect with more projects in the BNB Chain ecosystem.

Notably, SPACE ID held an auction of 10 “premium” domains and collected a total of 670,000 USD. In which, two domains “000.bnb” and “999.bnb” were purchased for 1,100 BNB (about 330,000 USD) and 1000 BNB (about 300,000 USD).

“We will work with SPACE ID to facilitate the development of the web3 domain name system on the BNB ecosystem,” said Nicola W. from the Binance Labs team.

Source: MarginATM

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