Universal Name Service Protocol SPACE ID Closes Seed Round Led by Binance Labs

Decentralized identity protocol SPACE ID has closed seed-round funding led by Binance Labs, the venture capital arm and accelerator of Binance, according to an announcement on September 2. This newly acquired capital will be dedicated to integrating the .bnb domain name service into the BNB Chain ecosystem, and to its universal multi-chain domain development.

Mathieu Samson, the Head of Growth at SPACE ID, said, “The investment led by Binance Labs is an important milestone for SPACE ID and its community, especially in our embryonic stage of providing a core solution in Web3 through a decentralized and interoperable identity infrastructure with a Single Source of Truth.”

SPACE ID was founded in March 2022, aiming to resolve the lack of any easy-to-use universal ID for users’ Web3 presence. Since then, over 40 projects and leading developers in the BNB Chain ecosystem have joined SPACE ID for integration and partnerships. Last month, 10 premium selected .bnb domain auctions on Binance NFT ended with around $670K worth of bids in total. 000.bnb was sold for over 1,100 BNB. Over 19,000 .bnb names have been registered since August.

SEE ALSO: Universal Name Service Network Builder SPACE ID Finishes .bnb Domain Auction

“The crypto wallet address with its 40 meaningless characters can be simplified by a preferred username that is recognized across all Web3 scenarios that require an ID gateway, and SPACE ID is definitely making this happen as we speak.” Samson added.

Nicola W. from the investment team of Binance Labs said, “SPACE ID is building a universal naming standard and a software development kit (SDK) that not only brings flexibility and simplicity to users’ Web3 interactions, but also bridges the gap between Web2 and Web3 apps. We look forward to working closely with SPACE ID to facilitate Web3 name services and further grow the BNB ecosystem.”