Binance Labs has reportedly made an invested in Sophon, which is described as an ecosystem for apps focused on the gaming sector, social, AI, prediction markets and a range of other use-cases.
With the vision of changing how users live, play, create, and connect in the internet economy, Sophon claims that it is focused on creating improved customer experiences.
Sophon is said to be able to achieve this via the applications of the ZK Stack, such as native account abstraction, which is mean to provide a “gasless” experience.
The zkSync codebase is said to be the most “battle-tested” zkEVM and has regularly achieved steady throughput and cost metrics across the Ethereum L2 stack in different public benchmarking exercises.
This is said to be vital for enabling a scalable and stable environment for the next-gen of consumer applications.
From its incubation by Merit Circle to partnerships with Beam, Zentry, and Aethir, and several other expected partners, Sophon is establishing itself as the platform for developers and users. With its mainnet soon to launch, Sophon is focused on cultivating an ecosystem that transcends mere financial incentives.
The secured funds will reportedly be channeled towards boost ecosystem growth, recruit new talent, and enable the development of projects that aim to effectively connect entertainment, creativity, community, and technology.
Andy Chang, Investment Director, Binance Labs said that their team is mainly dedicated to empowering early-stage projects that push the boundaries of Web3 and fuel the growth of the ecosystem.
They added that Sophon’s industry partnerships and success signal their immense potential to revolutionize the entertainment, gaming, and AI spaces,
Seb, CEO of Sophon stated that their goal is to make tech accessible for users while equipping developers with the tools to “push boundaries and accelerate their applications.”
As covered, Binance Labs is the venture capital and incubator committed to empowering early-stage projects and driving the growth and development of the Web3 ecosystem.
Since their launch back in 2018, they have been focused on the long-term, and provided support and funding to projects.
As a chain- and “sector-agnostic” venture capital enabler in the Web3 ecosystem, they claim to back everything from infrastructure to application layers, and their focus has been on tech innovation with product-market fit as well as “sustainable revenue models.”
Binance Labs’ portfolio reportedly covers over 250 projects from over 25 countries across six continents.
Over 65 of Binance Labs’ portfolio firms are projects that have gone through their incubation programs.