After Binance’s venture capital arm, Binance Labs announced its investment in the social network company CyberConnect, the value of the Cyber token jumped by 30% to $6.50.
CyberConnect, a decentralized social platform championing user-owned digital identities and content, debuted on Binance on August 15. The project is frequently mentioned as a decentralized social network that allows users to own their digital identities, content, and connections.
Binance Labs increased its assets from $7.5 billion last year to $9 billion. Although the details of its investment in CyberConnect have not yet been revealed, there’s a noticeable increase in Binance Labs’ interest in social network projects. According to The Block, in a post about the investment, Binance Labs stated, “We have made a follow-on investment round in CyberConnect.”