Binance opens doors for a new blockchain partner, CertiK; invests several millions in it

Binance, the largest cryptocurrency platform by trading volume made the official announcement of its investment in CertiK on Monday. CertiK, which is a cybersecurity startup built to provide smart contract and blockchain audits is believed to have received funds in millions from Binance Labs. Their Twitter post stated:

“Today, we are officially welcoming @certikorg into the #Binance Labs family! CertiK mathematically validates the security of smart contracts – a critical pain point we are facing in the #blockchain ecosystem today.”

CertiK was founded in 2017 and supported by tech experts who formerly worked in Google and Facebook, the company stated in a press release. Furthermore, the platform explained its workings and mentioned that it provides high-security in smart contracts and blockchain ecosystems through mathematical proofs. It added:

“his formal verification transforms software code into mathematical proofs, and once completed, the output is an objective and indisputable calculation”

Recently, Binance also gained success in the market for its native token, BNB, wherein the cryptocurrency soared high enough to leave Ethereum Classic [ETC] and Neo [NEO] behind. Here, BNB stepped two places ahead and grabbed the 14th position, previously occupied by NEO.

This hike in the price of BNB was speculated to be due to several public announcements made by the Founder of Binance, Chengpang Zhao aka CZ. In one of his tweets, CZ stated that the Binance team had a great meeting regarding its new and upcoming decentralized cryptocurrency platform, DEX. He subsequently revealed that BNB will be used as gas in the future and the crypto-exchange will have no control over user funds.

Regarding the dates of the launch of the decentralized platform, CZ said that its public beta version is expected to come out by the end of this year or the beginning of the next year.