Blockchain tech incubator Binance Labs has made a “multi-million” dollar investment in a startup which aims to build a decentralized digital content ecosystem.
Binance Labs has reportedly invested millions of dollars in decentralized digital content ecosystem Contentos, according to a press release published October 1.
Founded by the largest cryptocurrency exchange Binance, Binance Labs is an initiative that seeks to support early-stage blockchain and digital currency projects and entrepreneurs by making direct investments, as well as mentoring and providing technical advice to projects.
Per the press release, Binance Labs made a “multi-million” dollar contribution to decentralized digital content ecosystem Contentos, but the exact amount of secured investment was not disclosed.
Within the investment project, Contentos will reportedly develop a decentralized ecosystem, which it says will offer transparency and monetization of content, without third-party censorship or removal of content. Ella Zhang, Head of Binance Labs, said:
“We are dedicated to identifying the real use cases to implement blockchain technologies. Through direct investments, collaborations with other industry partners, and the Labs incubation program, Binance Labs is committed to helping [firms] jump start their ideas and realize the full potential of blockchain technologies.”
In June, Binance Labs participated in an “Ask me Anything” (AMA) session on Reddit, where Zhang said that decentralization is “the core value of Bitcoin and blockchain,” stating that the company had launched a number of initiatives in this direction.
Earlier that month, Zhang suggested that if the Initial Coin Offering (ICO) bubble bursts, it would be a “good thing for the industry.” She said that current valuations are “high and unreasonable” and that truly valuable products will only come into fruition once the market evens out.