Binance Labs raises $1.5M for decentralized social BBS Network

Binance Labs has led a funding round to raise money for its Bulletin Board System (BBS) Network platform. The Binance incubator raised an impressive $1.5 million in the seed round.

What is BBS Network

Bulletin Board System (BBS) Network is a “SocialFi” platform, a decentralized social network where creators, curators and stakeholders are rewarded with the project’s native token, in an automatic and transparent way. 

Each post on the BBS Network is minified and becomes an NFT that can be sold and traded. In addition, the platform allows the creation of auctions on the space to be occupied with posts, in a transparent way. 

Why Binance Labs invested in BBS Network

Binance Labs’ decision to invest in this social network is part of the strategy of the leading cryptocurrency exchange to broaden the landscape of the crypto and blockchain industries.

Binance‘s incubator has already invested over $150 million in more than 50 projects and is ready for “Season 3” of its incubation program to support other gaming, DeFi and NFT projects. 

Eyal Hertzog, founder and CEO of BBS, said: 

“The mission of BBS Network is to return control of content and its economic upside back into the hands of social media users. We are excited to cooperate with Binance Labs to further decentralize the reach of SocialFi, the next great frontier for blockchain. The investment will enable us to focus on building and launching new features such as Native App, Search Engine, and Cross-BBS Authentication”.

Ken Li, investment director at Binance Labs, added: 

“Our team has been deeply exploring the Web 3.0 SocialFi landscape, and we are excited by what decentralization can do for the creator economy, as well as billions of daily social media users”.

“BBS Network’s founding team has a strong track record in the crypto ecosystem — Eyal was previously the co-founder and CPO of Bancor, one of the first mainstream decentralized trading protocols. It is a unique opportunity for us to work with a group as crypto-experienced as Eyal and the BBS team”.

Binance in partnership with Animoca Brands for GameFi projects

Speaking of gaming, Binance Smart Chain has launched a $1 billion Growth Program that will see it invest $200 million along with Animoca Brands to develop games on blockchain. Both will contribute $100 million each for GameFi projects with cryptocurrencies. 

Gwendolyn Regina, investment director at Binance Smart Chain explained: 

“Gaming is one of the strong pillars of Web 2.0, reaching billions of users. Its large-scale real life use case makes it one of the core focus areas for crypto’s mass adoption to onboard retail consumers into the Web 3.0 world”.

And further:

“With this co-investment, projects building on BSC will get the opportunity to gain insights and expertise from leading gaming giants such as Animoca Brands, along with collaboration opportunities with blockchain experts from the BSC Community. We look forward to working together with GameFi projects to build next-gen scalable blockchains and onboard the next one billion new users into crypto”.

Yat Siu, the executive chairman and co-founder of Animoca Brands concluded:

“Early GameFi projects require funding to build their products, and need industry expertise for open-world gameplay and tokenomics, as well as networking opportunities to establish growth in the blockchain gaming and open metaverse. This investment program will provide these necessities to the projects that we think have the potential to take blockchain mainstream”.