Binance Labs Leads $12 Million Investment Round for Crypto Wallet Developer MATH
- With the fresh funding MATH plans to create a broader connectivity in the global market.
- MathWallet supports more than 54 blockchains, including Bitcoin, Ethereum, EOS, Binance Chain and others.
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Binance Labs, the venture capital fund of Binance — the biggest crypto exchange by volume in 2020 — led a $12 million investment round for MATH, the company behind multi-platform crypto wallet MathWallet. The outcome of the series B funding round was announced in a blog post on December 17. Other participants in the round were NGC Ventures, Amber Group, and Capital6 Eagle.
As stated in the blog post, the investment will be enable MATH to speed up the upcoming MathWallet upgrades, create a bigger decentralized applications ecosystem, and provide a more user-friendly experience for their clients.
The firm will also work with Binance’s Smart Chain (BSC) in entering new markets and increasing its trading volume, as it was among the first wallets to support the parallel Binance chain.
MATH’s established cooperation with the Binance Smart Chain played an important role in the investment decision, Said Wei Zhou, CFO of Binance Labs communicated via the blog post.
Co-founder and CTO of MathWallet, Eric Yu, expressed his delight in the investment and shared that the strengthened partnership between Binance and MATH will broaden MathWallet’s business reach to the global market.
- 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.