Binance Labs Leads Major Funding Round For Bitcoin Wallet UniSat

UniSat Wallet, a browser extension wallet, has successfully completed a Pre-A round of financing. This strategic round was led by the global crypto exchange giant, Binance’s incubation arm, Binance Labs. The announcement was made by UniSat on X (formerly Twitter) wherein the team expressed gratitude for the investment.

Binance Labs & UniSat Partnership

UniSat’s announcement read, “We are excited to share that @binance led the UniSat Pre-A round, which was completed in May 2024. This strategic investment strengthens the ongoing technical and business partnership between both parties and lays a solid foundation for even greater collaboration in the future.”

Moreover, this investment marks a pivotal moment for UniSat, which has emerged as a prominent player in the Bitcoin Ordinals and BRC-20 service sector. For context, the wallet offers users a seamless experience in managing their Bitcoin and Ordinals. In addition, it emphasizes security and ease of use.

The collaboration between Binance Labs and UniSat signifies a strong partnership aimed at driving technological advancements and expanding business opportunities within the Bitcoin ecosystem. However, with the specific amount of the investment remains undisclosed.

Binance’s venture capital and incubation arm, Binance Labs, has a history of strategic investments. Moreover, it aims to encourage innovation and growth in the cryptocurrency market. This investment in UniSat aligns with Binance Labs’ broader strategy of supporting infrastructure that enhances the functionality and accessibility of blockchain technologies.

UniSat’s journey to this milestone has been marked by significant developments and strategic moves. Last year, in July, Wu Blockchain reported that UniSat Wallet was raising funds at a valuation of $50 million. The report highlighted that Binance Labs was in communication with UniSat, and some investors had already been finalized. The UniSat team’s background in Bitcoin SV (BSV) development was noted as a significant factor in its market positioning and technological expertise.

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Other Investments By The Crypto Giant

Furthermore, Binance Labs has been active in making such investments across various blockchain projects. In June, Binance Labs made the most recent investment in Infrared. It is a protocol that is focused on improving user access to Berachain’s Proof of Liquidity (PoL) mechanism.

Moreover, it marked the incubation arm’s first investment in the Berachain ecosystem, signalling further such endeavors in the future. Recently, Binance also hinted at big announcements on Monday, July 14, 2024. In a post on X, the crypto exchange urged its users to “save the date,” raising speculations of potential announcements.

Also Read: Binance Announce Delisting Of Key Crypto Pairs, Brace For Market Impact

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