Binance Labs invests millions in blockchain cybersecurity startup

October 08, 2018
Chris Wheal

Binance Labs, the venture arm of the leading cryptocurrency exchange, has invested in a startup called CertiK that provides blockchain and smart contract audits and verification.

Binance Labs aims to incubate, invest in, and empower the top blockchain and cryptocurrency projects

Founded in 2017 by professors of Yale and Columbia University, alongside former Google and Facebook engineers, CertiK seeks to help secure smart contract and blockchain platforms through a formal verification process by applying mathematical proofs to networks to determine whether hackers can breach the systems.

CertiK has partnered with Binance Labs to push out its research. The team have already begun working on ensuring existing blockchain platforms do not contain bugs that could lead to a loss of funds or other vulnerabilities.

“We’re really excited to be supported by one of the world’s top exchanges,” says Daryl Hok, COO of CertiK. “With published research that begun in academia, we believe that Binance Labs is the perfect partner to accelerate the impact of our unique technology into the broader blockchain space.”

Binance Labs is an initiative launched by Binance, one of the world’s largest and most popular cryptocurrency exchanges, to incubate, invest in, and empower the top blockchain and cryptocurrency projects.

Ella Zhang, Head of Binance Labs, said: “CertiK mathematically validates the security of smart contracts – which is a critical pain point we are facing in the blockchain ecosystem — bypassing the limitations of manual detection.”

 

Post written by Chris Wheal
Chris Wheal is editor of OpenLedger's news and features service. An award-wining business journalists himself, he runs a team of freelance journalists from across the UK and north America.

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