The CYBER token of the decentralized social network CyberConnect increased by more than 30% following the announcement of an investment by Binance Labs, the world’s largest cryptocurrency trading platform.
According to CoinMarketCap data, the price of cyber increased significantly in the previous 24 hours, rising from $5.05 to $6.63. That is still far behind the all-time high of $15 set last month.
On Twitter, Binance Labs said, “We have made a follow-on investment round in CyberConnect.” According to him, “We see SocialFi’s potential in propelling web3 into the mainstream.”
Binance Lab’s funding is advantageous in validating CyberConnect’s goal and ambition. The company’s major goal is to provide developers with the tools they need to create social applications that allow users complete control over their online persona, relationships, interactions, and content.
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