Blockchain Incubator Binance Labs Invests In CertiK Startup
Binance Labs, a blockchain incubator owned by the Binance crypto exchange, have invested in the CertiK blockchain startup, which specializes in smart contracts verification and cyber security, CoinDesk reports.
The startup is looking for solutions to ensure the security of smart contracts and blockchain companies using the verification process. Currently, the startup specialists, by applying mathematical methods, are working to eliminate bugs leading to vulnerabilities and develop a high level security system against cyber attacks.
The security of blockchain-based platforms is ensured through a decomposition approach at a multitude of levels, decentralized app libraries with certification and smart labeling.
CertiK was established in 2017. Zhong Shao, a professor from Yale University and developer of the operating system CertiKOS, and Ronghui Gu, a researcher at Columbia University, are the founders of the startup. The CertiKOS solution is deployed in civil and military programs, in particular, by the US Defense Advanced Research Projects Agency (DARPA).
Ella Zhang, executive director of Binance Labs, stated that the startup specialists work hardly to eliminate one of the most important problems of the blockchain ecosystem, which is mathematical verification of the smart contracts security, overcoming the limitations of manual verification.
The parties revealed no details pertaining to the sum of investments, although it can reach millions of dollars, according to some estimates.
As previously reported, Binance has collaborated in financing the Terra stablecoin.