Binance, the leading cryptocurrency exchange and a global blockchain ecosystem, announced that it will be investing in Numbers, a blockchain protocol that mainly focuses on data traceability and monetization. Numbers is a Taiwanese based blockchain start-up which aimed to create an open, transparent and traceable data system, so that, an individual could own and monetize their personal data.
Gin Chao, the Strategy Officer at Binance, stated,
“The Numbers team has strong technical backgrounds and expertise in building blockchain applications with practical use cases. We are happy to have Numbers as part of the Binance ecosystem. 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.”
The co-CEO of Numbers, Bofu Chen has also stated that the company wanted to create such trustworthy and traceable data, by trading which the individuals could get reasonable rewards. Chen also mentioned that the data would even benefit society because the company has enhanced its operational efficiency in the process. According to Chen, the investment made by Binance would help the company to accelerate technological and business development.
The ‘Numbers’ was a decentralized application, which according to the reports, was working with Shoah Foundation, Stanford University and IBM, on data traceability. It also worked on the verification systems to pre-load the applications on Exodus, which was a blockchain-powered smartphone series by the HTC. The Numbers goal was to help the media, government and enterprises to create a data system in which integrity was assured.
Binance has been on an acquisition and collaboration spree and is building a blockchain ecosystem of their own. The current Binance ecosystem comprises of Binance Labs, Biance DEX, Trust wallets and a range of services on offer.