Binance Invests in Data Monetization Startup Numbers
- Although the amount of the investment is unknown, the Numbers protocol will provide Binance developers with easy access to the Binance Chain.
- Numbers has reportedly previously worked with the Shoah Foundation, Stanford University and IBM on data traceability.
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Malta-based cryptocurrency exchange Binance has invested an undisclosed sum in open-data framework provider Numbers, the firm said in a blog post on 22 January.
According to the announcement, Binance will use the Numbers’ protocol to enable its developer community with an easy access to its own blockchain, the Binance Chain. The protocol also offers other features, such as hardware wallet security, digital signatures and more. In order to integrate its product with the Binance Chain, Numbers had to use Zion, a hardware-based key management system.
The aim of Numbers is to create an “open, transparent and traceable” verification and management system, which has use cases in digital identities or supply chain traceability. The firm has also created an open-source mobile application, which allows content creators to monetize their personal data by embedding it with information such as location, time and more.
Numbers has also reportedly worked with the nonprofit Shoah Foundation, Stanford University and IBM on developing data traceability, and on a verification systems for the HTC’s Exodus blockchain phone. Last year, HTC said it will be releasing a special edition of its Exoduce phone, which would support the Binance blockchain.
Bofu Chen, Numbers co-CEO, said in the announcement that his wish is to create traceable and trustworthy data through an open data framework. Such a system will not only reward individuals for their information, but could also bring more trust and higher operational efficiency to society.
Chen further explained:
“The investment from Binance will help us explore more use scenarios and accelerate technological and business development. We are also working to open the libraries we built for the developer community in 2020 so that more developers can leverage our work and use the Binance Chain with more ease.”
- The popular crypto exchange has decided to sell its business in Russia to CommEX, a crypto exchange business that was officially launched on Tuesday.
- Binance noted that it will fully exit the Russian market, and have no ongoing revenue split or any option to buy back shares in the business.
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- The company said it will be suspending its crypto-backed debit card service in the Middle East on 25 August, and in Latin America by 21 September.
- Although no reason was given for the decision, the company noted that “less than 1% of users” in those regions will be affected by the change.
- A spokesperson said the change was due to the “changing market and user needs”, and that Binance will now be refocusing its resources on its main products and long-term goals.
- Launched in March 2022, Binance Connect helped crypto businesses connect with the traditional finance system, and supported 50 cryptocurrencies and networks such as Visa and Mastercard.