Binance Labs invests in Sophon to power entertainment, gaming and AI

Binance Labs has invested in Sophon’s ecosystem of entertainment applications across gaming, social networks, AI and forecasting.

Sophon’s vision to transform the way users “live, play, create and connect” is realized through the use of ZK Stack, which leverages “native account abstraction” for a gasless experience.

According to a press release, the zkSync codebase is the most battle-tested zkEVM, boasting the highest levels of throughput and cost metrics across the entire Ethereum L2 stack.

This means Sophon is establishing itself as a contact point for developers and users alike. Sophon will use the funds to grow the ecosystem, attract top talent and support the development of innovative projects that integrate entertainment, creativity and technology.

Chang, investment director at Binance Labs, highlighted how the company was attracted by Sophon’s “strong industry partnerships and early successes, which signal their immense potential to revolutionize the entertainment, gaming and AI spaces.”

Sophon’s pseudonymous co-founder and CEO Seb said the partnership will “make technology effortless and accessible for users while equipping developers with the tools to push boundaries and accelerate their applications like never before.”

Earlier this year, a node sale was successfully completed and raised $60 million. Sophon’s node sale is an example of a new fundraising trend in the blockchain space. The company offered 200,000 nodes and sold 121,000 for a total of $60 million in Wrapped Ether (wETH).

This approach allows Sophon to secure capital while distributing its network infrastructure. The public sale of nodes occurred at the lowest price of 0.0813 wETH and became more expensive as more nodes were sold.

Meanwhile, Binance’s crypto trading volume has reached its lowest level in four years. According to a report by CC Data, Binance processed only 36.6% of the total spot and derivatives trading volume on centralized exchanges. The value is the lowest since September 2020.

Spot trading on Binance fell by almost 23% compared to August, bringing the spot market share to 27%, the lowest level since January 2021.

Last week, former Binance CEO Changpeng Zhao (CZ) completed his four-month prison sentence. Celebrating his release, CZ remarked on

Nobody cares about money laundering while the crypto industry celebrates CZ’s release

Binance founder Changpeng Zhao (CZ) has served his sentence for money laundering and the crypto industry is happy