Binance Labs, the incubator of giant Binance, led a $1 million financing round for HOPR, a privacy-focused blockchain platform for Web 3.0.
On its website, Binance explained that the financing round, which represents Binance Labs’ first investment in 2020, preceded the upcoming sale of HOPR tokens. Also participating are Focus Labs, Spark Digital Capital, Caballeros Capital and Synaitken.
The startup offers tools for Web 3.0, the third generation of the Internet sold as decentralized, which guarantee better control of one’s privacy, data and identity when surfing online.
“As Web 2.0 showed that companies and corporations are in control of a user’s information and data, the team at HOPR has shown us how their decentralized network achieves privacy guarantees on the metadata level and gives power back to the people,” said Gin Chao, Binance Strategy Officer. “We’re very excited to lead this investment round in HOPR, and support a talented and experienced team of developers, cryptographers, and scientists” commented Gin Chao, strategist at Binance.
HOPR will use the funding to expand its team and accelerate the development of its privacy protocol, which relies on a network of distributed mixing nodes around the globe.
“The movement to decentralize finance, data and the web needs a new privacy foundation. With HOPR we’re building a layer-0 privacy infrastructure for Web3 that makes it safe and secure to transmit information,” said Dr. Sebastian Bürgel, Co-Founder of HOPR. “We’re honored to have such a tremendous group of investors, led by Binance Labs, who has been at the forefront of empowering and spreading decentralized technologies that challenge even the biggest global incumbents.”