CyberConnect Token Surges More Than 30% After Binance Labs Unveils Investment

Binance Labs invest CyberConnect

Decentralized social network CyberConnect saw its token skyrocket by more than 30% after Binance Labs, the $9 billion venture capital arm of the world’s largest crypto trading platform, announced an investment in the company.

Binance Labs, the $9 billion venture arm of the world’s largest crypto exchange Binance, has revealed its investment in the web3 social network CyberConnect. However, the exact amount of funds injected into the project was not disclosed.

The investment division announced the investment on X. “We have made a follow-on investment round in CyberConnect,” Binance Labs said in its post. “We see SocialFi’s potential in propelling web3 into the mainstream.”

With the raised capital, the project plans to strategically allocate resources for ecosystem expansion, community rewards, and the launch of new products.

Binance Labs is among the most active investment funds in the crypto industry, steadily increasing its assets from $7.5 billion to $9 billion. Recent statistics from the last three months show Binance Labs investing in projects such as Neutron (smart contract platform on the Cosmos blockchain), Radiant Capital (RDNT) – $10 million, Helio Protocol – $10 million, Delphinus Lab, Pendle Finance, and layer-1 Initia.

SocialFi is currently a popular trend, with leading projects including FriendTech (Base network), PostTech (Arbitrum network), and StarsArena (Avalanche network).

As a dominant player in the crypto market, Binance’s investments often have a significant impact on prices. Following the news, CYBER experienced a 37% surge, rising from $4.8 to $6.6. The upward momentum continues, but the current price is still below the project’s all-time high (ATH) of $17.79.

Alongside Sei, CyberConnect is the 36th-37th launch pool project of Binance and was listed on August 15th. Currently, the project boasts 1.25 million user profiles, 400,000 active wallets monthly, and over 16 million transaction histories.

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Chi Do
Chi Do
Chi Do is a content writer at CoinMinutes, responsible for creating most of the content on the website, including news related to Bitcoin (BTC), Ethereum (ETH), Blockchain, Decentralized Finance (DeFi), and more. With a keen interest in cryptocurrencies since the 2020s, Chi has acquired extensive experience and knowledge in this field. Chi holds a Bachelor's degree in communication from Academy of Journalism and Communication in Vietnam.

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