Binance Invests in Open Data Framework Numbers Protocol

Updated on Feb 4, 2020 at 11:09 am UTC by Janis Rijnieks · 3 min read
Binance Invests in Open Data Framework Numbers Protocol
Bofu Chen, Numbers' CTO. Photo: Numbers. / Twitter

Binance has recently announced another investment. This time it has chosen an open-data framework protocol called Numbers.

In their latest blog post, Binance calls itself a “global blockchain ecosystem”. It has recently invested in a blockchain protocol that focuses on data traceability and monetization. However, the amount of the investment currently stays undisclosed.

Gin Chao, Binance’s Strategy Officer explained that the Numbers team “has strong technical backgrounds and expertise in building blockchain applications with practical use cases”.

“Numbers app is integrated with Binance Chain through Zion, a hardware-based key management system and offers the developer community easy access to use the Binance Chain and for hardware wallet protection, digital signature and so on,” he said.

Numbers’ aim is to create an open, traceable and transparent data system which would essentially allow individuals to own and monetize their personal data. Numbers are working on a Starling Project. In this project are some of the industry giants such as the Shoah Foundation, IBM, and Stanford University. The goal is to establish these systems in order to use them in an application form on the new HTC Exodus blockchain-powered phone.

“We want to help everyone to create traceable and trustworthy data through an open data framework. By trading such data, not only can individuals get a reasonable reward, but the society also benefits because we rebuild the trust and enhance the operational efficiency in the process,” explained Bofu Chen, the co-CEO of Numbers.

He says that this investment from Binance will help them to explore new use-case scenarios and “accelerate technological and business development”. Also, they are in the works of an open library for developers. With this developers could use the Binance Chain “with more ease”.

Binance Is on Investment Spree

Numbers is a Taiwanese blockchain startup that is in the works of an open-source data framework. Their initial goal is to help governments, enterprises, and media to create an integrity assured data system. They compare their system to a traceable food network. They say that traceable contents and data would help us maintain a healthier mind and society.

Just a couple of shy months ago in the fall of 2019, Binance made its first strategic investment in China. The company invested in Mars Finance, a news platform that focuses on the blockchain and cryptocurrency sector.

Last month Binance invested in a crypto derivatives platform called FTX. Additionally, they also acquired a less known derivatives platform called JEX which now is known as Binance JEX.

Moreover, according to CZ, Binance has some great news for 2020. Changpeng Zhao says that he’s particularly excited for two deals which, in his mind, will have a “significant impact”. 

Altcoins, Binance, Blockchain, Cryptocurrency news, News
Janis Rijnieks
Author: Janis Rijnieks

Janis is a cryptocurrency enthusiast and a bitcoin adherent. He has a background in video production, but for the past couple of years, he is a full-time crypto researcher and writer. He has a good understanding of multiple cryptocurrencies and loves to cover daily news. He considers himself a semi-bitcoin maximalist but always is open to any kind of new ideas that could be put on the blockchain. In his free time, he likes skateboarding and cars.

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