In a significant step, Binance Labs led the Pre-A funding round for Bitcoin wallet UniSat, which also offers Bitcoin Ordinals and BRC-20 solutions.
UniSat Wallet, a browser extension wallet, has effectively concluded a Pre-A round of financing.
This strategic round was led by Binance Labs, the major cryptocurrency exchange’s innovation arm.
UniSat announced on X (formerly Twitter), where the team expressed their gratitude for the investment.
Binance Labs & UniSat Partnership
UniSat’s announcement read, “We are excited to share that @binance led the UniSat Pre-A round, which was completed in May 2024. This strategic investment strengthens the ongoing technical and business partnership between both parties and lays a solid foundation for even greater collaboration in the future.”
In addition, this investment represents a critical juncture for UniSat, which has become a prominent participant in the Bitcoin Ordinals and BRC-20 service sector.
To provide context, the wallet provides users with a seamless experience when administering their Bitcoin and Ordinals.
Furthermore, it prioritizes user-friendliness and security.
Binance Labs and UniSat‘s partnership is characterized by a commitment to advancing technology and expanding business opportunities within the Bitcoin ecosystem.
However, the specific amount of the investment remains undisclosed.
Binance Labs, Binance’s venture capital and incubation branch, has a track record of strategic investments.
Furthermore, its objective is to foster innovation and expansion in the cryptocurrency market.
This investment in UniSat is consistent with Binance Labs’ overarching objective of promoting infrastructure that improves the functionality and accessibility of blockchain technologies.
UniSat’s journey to this milestone has been characterized by substantial strategic developments and advancements.
Wu Blockchain reported in July of last year that UniSat Wallet was raising funds at a valuation of $50 million.
The report emphasized that Binance Labs was in communication with UniSat and that certain investors had already been finalized.
The UniSat team’s technological expertise and market positioning were deemed to be significantly influenced by their experience in Bitcoin SV (BSV) development.
Other Investments By The Crypto Giant
Furthermore, Binance Labs has been active in making such investments across various blockchain projects.
Most recently, Binance Labs invested in Infrared in June.
It is a protocol that is intent on enhancing user access to Berachain’s Proof of Liquidity (PoL) mechanism.
Moreover, it signified the incubation arm’s first investment in the Berachain ecosystem, indicating that there will be further such endeavors in the future.
Additionally, Binance has recently hinted at significant announcements on Monday, July 14, 2024.
The crypto exchange encouraged its users to “save the date” in a post on X, which sparked rumors of potential announcements.