Binance Labs invests in layer-2 rollups protocol AltLayer

2023-8-10 12:41

Binance Labs has invested in AltLayer, a decentralised Rollups-as-a-Service (RaaS) protocol. The collaboration is aimed at increasing overall access to app-tailored rollups across the Web3 ecosystem.

Binance Labs, the venture capital arm and accelerator of leading crypto exchange Binance, has made a strategic investment in layer-2 scalability blockchain AltLayer.

The investment will help the protocol enhance the adoption of its decentralised Rollups-as–a-Service (RaaS) offering, growing its usability across Web3 applications, according to details shared in a press release on Wednesday.

AltLayer’s Beacon Layer provides access to sequencing, execution, and verification for rollups, with all types of users including developers able to create and customise a rollup within two minutes.

Nicola W., the investment director at Binance Labs, commented:

“Application-tailored rollups offer the security of Layer 1s and the customizability of appchains. However, a common issue with rollups today is that they mostly operate with centralised sequencers and create fragmented liquidity and userbase. We found AltLayer’s approach to facilitating the launch of application-tailored rollups via Beacon Layer an inspired take. Their core network offers several decentralisation and interoperability properties much needed in a world of thousands of rollups. All this while dramatically cutting down time-to-market and encouraging rapid innovation and experimentation.”

AltLayer partnerships

AltLayer’s application-tailored rollups have seen increased adoption across the ecosystem, with this boosted by its multi-chain and multi-VM support.  Industry players collaborating with AltLayer include EigenLayer, Espresso, Double Jump, Arbitrum, Linea, Celestia and Jump.  

The protocol’s latest collaboration comes after Tuesday’s announcement of a partnership with Hyperlane as they look to expand ‘permissionless interoperability’ to rollups.

The post Binance Labs invests in layer-2 rollups protocol AltLayer appeared first on CoinJournal.

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