- Binance recently announced yet another investment, this time into a blockchain data monetization firm from Taiwan.
- The company, called Numbers, is developing a new system for transparent sharing of data that would reward users for participation.
- Numbers has also collaborated with other firms and organizations on developing its system, as well as improving data traceability and verification.
Binance recently published a new announcement, stating that it has made an investment in a blockchain data monetization firm based in Taiwan. The company, known as Numbers, received an unknown sum as a contribution to its goal to create a new system for data sharing, management, and verification. Numbers also wish for this system to be completely transparent and open.
According to what is known regarding the company’s application, it is open-source, and it allows users to own and monetize their personal information. The possibility of doing this has been a topic in blockchain circles for a long time, and Numbers has been working on making it a reality for a while.
In 2019, the company collaborated with several entities, including Stanford University, the nonprofit Shoah Foundation, as well as the major corporation, IBM. The goal was to create a new system for data traceability and verification. The system would then be preloaded on HTC’s blockchain smartphone, Exodus.
Numbers’ relationship with Binance goes beyond the investment
According to Gin Chao, Binance’s strategy officer, Numbers already had its app integrated with Binance Chain via Zion — a hardware-based key management system. Meanwhile, this also allows developers to get easy access to Binance’s blockchain, among other benefits.
Numbers’ own co-CEO, Bofu Chen, talked about the company’s progress, explaining that the idea was to create a trustworthy, traceable data which would travel via an open data framework. According to him, trading such data would bring more trust, as well as higher operational efficiency.
Furthermore, the system would provide individuals with rewards for their data. As for Numbers’ relationship with the exchange, he said that it goes beyond money. Of course, Binance’s investment would help with development, and it would accelerate the company’s progress. However, the two are also collaborating on opening the libraries created for developers.
This marks yet another investment that Binance has made in recent months. As many may remember, the exchange also invested in crypto derivatives exchange, FTX, only a few weeks ago. Before that, Binance participated in a funding round of Mars Finance — a Beijing-based crypto and blockchain publication, among other projects.