Binance Labs Leads $5.7M Series A Round to Launch FIO Protocol
Summary
A venture arm of major global crypto exchange Binance has led a $5.7 million funding round to launch new decentralized blockchain protocol, the FIO Protocol. According to a press release shared with Cointelegraph on Sept. 5, Binance labs has invested in Denver-based blockchain usability firm Dapix, which is developing the Foundation of Interwallet Operability’s (FIO) Usability Protocol. The funding round will allow the initial launch of the FIO Protocol, a decentralized, open-source blockchain protocol that is designed to improve usability across multiple blockchains, tokens or coins. The news comes amid the debut of the FIO Address Presale, where users of various major wallets can reserve FIO usernames: cross-chain, human-readable identifiers that eliminate the need to see blockchain public addresses. The presale and the new funding round will enable FIO Protocol developers to deliver its mainnet launch in early 2020.