Digital ID Solution Provider Lifeform Receives Binance Labs Support
Support for Visual Digital Identity Platform
Lifeform, a visual digital identity (DID) solutions provider, secured support from Binance Labs, the venture capital arm and accelerator of Binance.
The greatest VC Firms in crypto @binancelabs exclusively invested Lifeform with millions $ in Seed Round.— Lifeform (@Lifeformcc) August 3, 2022
We'll continue to #BUIDL with the support from #Binance Labs.
Thank you @geek_cartel for the guidance. https://t.co/XmmQDDysXW
As posted on the Binance Blog, Binance Labs led a seed funding round for Lifeform, whose mission is to empower Web3 users by providing them with their own decentralized DID.
The funding round will provide Lifeform with the ability to accelerate its product development and innovation strategies. This will include security mechanisms and acquisition of more strategic partnerships to grow out their offerings.
“As users migrate from Web2 to Web3, their online presence will transition from digital simulation to digital-native,” said Mia Mai, Investment Director at Binance Labs. “The underlying technology of Lifeform gives users a unique way to express their individuality and will eventually allow users to seek their vision of prosperity in a symbiotic ecosystem.”
Lifeform launched in 2021 and has been working on DID since 2018 with the aim of bridging the physical world with the digital realm. The company’s core technologies include:
- Hyper-realistic 3D avatar creation tools;
- Visual DID protocols;
- Secure and innovative contract solutions;
- Decentralized identity systems for Web3 avatars; and
- Metaverse engine software development kits (SDKs).
Lifeform has built out a turnkey solution that will also give users the ability to bring their digitally created avatars onto Web2 social media platforms.
“As users migrate from Web2 to Web3, their online presence will transition from digital simulation to digital-native,” said Lily Fang, a founder of Lifeform.
Binance Labs Announces New Head
In other Binance Labs news, Binance Co-Founder Yi He has been tapped to lead the company’s $7.5 billion venture capital arm.
With more than 200 projects in its portfolio, Binance Labs is among the largest crypto VCs according to assets under management. He is expected to lead both daily operations and global strategy at Binance Labs.
“As part of the founding team, Yi has been actively involved in Labs since its inception and has played a pivotal role in identifying early-stage projects and founders with the vision and drive to disrupt those global institutions that no longer serve society effectively,” said Binance CEO Changpeng Zhao (“CZ”). “This is the perfect moment for Yi to take on a larger role in Labs as this market presents an unparalleled opportunity to identify those projects with the tenacity to thrive in tough market conditions.”
Binance Labs focused on early-stage projects in specific sectors. Among the most successful projects supported by the VC arm are Polygon, FTX, Certik, Nym and Dune Analytics. Binance Labs also recently established a $500 million investment fund that includes participation from institutional players such as DST Global Partners and Breyer Capital.
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