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Writer's pictureMark S

Particle Network, A L1 Universal Account, Receives Investment From Binance Labs

Particle Network

August 1, 2024


Particle Network, the L1 unifying all chains through Universal Accounts, has successfully secured additional investment from Binance Labs.


Particle Network's Chain Abstraction Layer 1 infrastructure simplifies the user experience by consolidating multiple blockchain accounts and balances into a single, unified interface account, solving the growing issue of user and liquidity fragmentation within the Web3 ecosystem.


The rapid proliferation of Layer 1 and Layer 2 blockchains has led to a fragmented landscape, characterized by multiple chains with distinct user bases and liquidity pools. This fragmentation hinders user experience and developer efficiency, creating significant barriers to entry.


The platform's core features include Universal Accounts, Universal Liquidity, Universal Gas, and the Particle L1 chain. Through these components, Particle Network enables users to maintain a single account and balance across multiple chains, eliminating the need for complex asset management.


The investment from Binance Labs will be utilized to expand Particle Network's team, enhance its Chain Abstraction ecosystem, and facilitate the launch of its L1 Mainnet later this year. This support is expected to accelerate the platform's growth and contribute to the broader adoption of Web3.


By addressing the challenges of user and liquidity fragmentation, Particle Network aims to create a more seamless and intuitive Web3 experience for users.


About Particle Network

Particle Network, a Layer 1 blockchain that is modular in nature, is centered on chain abstraction technology. This technology aims to streamline the experiences of both developers and users.


The primary feature of Particle is the “universal accounts.” These accounts empower users to utilize funds from any chain for transactions throughout the blockchain network. Two fundamental functionalities back these universal accounts — “universal liquidity and universal gas.” These functionalities allow users to expend their tokens on any chain and cover gas or transaction costs with any of their tokens.


Currently, Particle Network is in the first phase of its testnet and reports to have already registered approximately 1.3 million universal accounts and processed over 114 million transactions.


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About Investor

Investor: Binance Labs

Binance Labs is the venture capital and incubator arm of Binance, a leading cryptocurrency exchange. With a portfolio worth over $10 billion, Binance Labs is dedicated to identifying, investing in, and empowering viable blockchain entrepreneurs, startups, and communities. It provides financing to industry projects that help grow the wider blockchain ecosystem.


Binance Labs is committed to supporting fast-executing, technical teams who positively impact the crypto space and build the decentralized web. Its portfolio covers 250 projects from over 25 countries across six continents and has a return-on-investment rate of over 14X2. Fifty of Binance Labs’ portfolio companies are projects that have gone through their incubation programs.


The mission of Binance Labs is to empower the decentralized web. It promotes a larger blockchain and provides financial leverage for potential projects in the cryptocurrency industry. Through its investments and support, Binance Labs is playing a crucial role in accelerating the blockchain industry.


Location: Hong Kong, Hong Kong

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