Binance to Lead SPACE ID’s Seed Round to Build a Service Network
Binance Labs recently announced leading SPACE ID’s seed round. The round will help SPACE ID collect funds for its upcoming universal naming service network.
In addition, SPACE ID will use funds to level up its first version of the .bnb domain. Known for connecting dApps, assets, and people in the blockchain space, SPACE ID is elevating its services with the new platform.
Its upcoming universal identifiers will be censorship-resistant, open-sourced, and completely decentralized. It will allow users to access human-readable domain names, representing their identities across every dApp and blockchain.
Every domain service will be developed around the given characteristics:-
- A decentralized identity within an SSOT (single source of truth) system
- An ad-hoc oracle chain that elevates availability and scalability
- A global username with multi-chain interoperability
It has only been a month since SPACE ID launched its first version alongside the .bnb domain. The version offered a standard domain identifier to numerous developers active on the BNB Chain.
The platform has now concluded ten .bnb domain auctions on Binance’s NFT marketplace. In addition, it has helped BNB register over 19,000 .bnb domains. The SPACE ID team is constantly working to integrate and collaborate with several projects in the BNB ecosystem.
Nicola W., a key player from Binance’s investment team, talked about the development. According to Nicola, SPACE ID is developing a global naming standard with an SDK (software development kit) that brings simplicity and flexibility to Web3 interactions.
It also bridges the gap experienced by Web2 apps trying to migrate to Web3. The Binance team is working closely with the SPACE ID team to ensure its Web3 naming services succeed across the ecosystem, added Nicola.
SPACE ID praised the development, saying it is crucial, especially in the initial phase. Given Binance Labs’s stature, the collaboration is expected to yield high-quality results.