Large acquisitions in the blockchain industry. The giant is strengthening its position
Binance Labs has invested in MilkyWay, a smooth staking protocol for the Celestia modular blockchain ecosystem, and in Movement Labs, the first integrated blockchain network that combines the security of the Move language with parallel transaction processing. The value of both investments was not disclosed.
MilkWay is a startup operating since December 2023, which already serves over 150,000. users. Its LST token, milkTIA, is integrated with over 10 DeFi applications across the ecosystem. MilkyWay is currently developing a rollup that will serve as a base layer, enabling its LST token to provide enhanced security services across its modular ecosystem.
Binance Labs acquires MilkWay
“MilkyWay is a seamless staking protocol built specifically for the modular ecosystem. Our goal is to build the most secure and reliable seamless staking protocol in this ecosystem. We want to constantly innovate to expand the capabilities of our protocol through cutting-edge technologies. We are honored and excited to support Binance Labs in realizing this vision.” – said JayB, founder and CEO of MilkyWay.
Movement Labs, in turn, is a company operating since 2022 that offers the first integrated blockchain network. Its goal is to create the fastest and most secure Layer 2 (L2) for Ethereum. The project combines the security of smart contracts based on MoveVM with the possibility of parallel transaction processing (parallelization). This allows Movement Labs to leverage the liquidity and user base of the EVM network while bringing MoveVM to Ethereum via its L2 layer and associated Move Stack-based rollups.
Movement Labs also joins the Binance Labs group
“Movement Labs was born out of the need to provide better security for smart contracts and support bandwidth-intensive use cases in the cryptocurrency world. The Move language is designed to support intensive applications like Facebook running on the blockchain. Our mission is to bring it to Ethereum in a way that is native to the cryptocurrency ecosystem. We look forward to collaborating with Binance Labs to help us achieve this goal.” – said Rushi Manche, co-founder of Movement Labs.
Binance Labs is a venture capital fund operating independently of Binance Group, investing in startups related to the world of cryptocurrencies, web3 and blockchain technology. In turn, Binance is a leading global blockchain ecosystem, whose product package includes, among others: the world's largest cryptocurrency exchange in terms of turnover.
