Universal Name Sevice Protocol SPACE ID Closed Seed Round Led by Binance Lab

Decentralized ID protocol SPACE ID has successfully closed its seed round fundraising led by Binance Labs, the venture capital arm and accelerator of Binance. The investment funds will be dedicated to integrate the .bnb Domain Name Service into the BNB Chain ecosystem, and to its universal multi-chain domain development.

The Head of Growth at SPACE ID Mathieu Samson said, "The investment led by Binance Labs is an important milestone for SPACE ID and its community, especially in our embryonic stage of providing a core solution in Web3 through a decentralized and interoperable identity infrastructure with a Single Source of Truth."

SPACE ID was founded in March 2022, aiming to solve the problem of there being no easy-to-use universal ID for your Web3 presence. Since then, over 40 projects and leading developers in the BNB Chain ecosystem have joined SPACE ID for integrations and partnerships. Last month,10 premium selected .bnb Domain Auctions on Binance NFT ended with around $670K worth of bids in total. 000.bnb was sold for over 1100 BNB. Over 19,000 .bnb names have been registered since August.

The Head of Growth at SPACE ID Mathieu Samson said, "The crypto wallet address with its 40 meaningless characters can be simplified by a preferred username that is recognized across all Web3 scenarios that require an ID gateway, and SPACE ID is definitely making this happen as we speak."

Nicola W. from the investment team of Binance Labs said, "SPACE ID is building a universal naming standard and a software development kit (SDK) that not only brings flexibility and simplicity to users' Web3 interactions, but also bridges the gap between Web2 and Web3 apps. We look forward to working closely with SPACE ID to facilitate Web3 name services and further grow the BNB ecosystem."