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On October 12, 2023, Binance Labs, the venture capital arm of the Binance exchange, made an exciting announcement regarding its investment in Initia, a Layer-1 blockchain project on the Cosmos network.
Initia aims to utilize the newly raised capital to provide infrastructure for developers to build their own scalable Layer-2 solutions. This will enable them to expand their product offerings and develop decentralized applications (dApps), ultimately expanding the Initia ecosystem. The exact amount of the investment remains undisclosed.
Stan Liu, one of the key contributors to Initia, shared his thoughts on the collaboration:
“We are delighted to have Binance Labs as an early partner to drive the development of the high-performance and customizable Initia blockchain platform. Through this partnership with Binance Labs, Initia’s goal is to build an interconnected application ecosystem while considering the economic benefits for all users and L1/L2 operators.”
We’re excited to announce we’ve invested in @initiaFDN!
Emerging from stealth, Initia is a network for 0-to-1 omnichain rollups, built by fusing a novel L1 with an interwoven application-specific L2 infrastructure system.
Read more👇https://t.co/dewxZSUpCU
— Binance Labs Fund (@BinanceLabs) October 12, 2023
Although developed using the Cosmos software development kit (SDK), Initia will leverage a computation framework called MoveVM, based on the smart contract language Move.
Related: Binance Labs announced 12 projects approved for incubation round season 6
Move is the primary language used by Aptos and Sui. This also marks the first integration of the Move smart contract language with the Cosmos Inter-Blockchain Communication (IBC) protocol.
Initia operates as a Layer-1 blockchain and stores scalable Layer-2 applications using Optimistic Rollup technology. It also facilitates cross-chain interaction between various Rollups.
The project is still in the development phase on the testnet. Initia’s developers have plans to collaborate with notable cryptocurrency projects, including companies in Binance Labs’ portfolio and game publishers, which will be revealed in the coming months. This partnership holds the promise of driving innovation and expansion within the blockchain space.
