Binance, the major cryptocurrency exchange, has invested an undisclosed sum in Numbers, a blockchain data monetization startup.
On January 21, it has been reported that Numbers aims to create an open, transparent and traceable data sharing, verification and management system. The firm’s open-source application reportedly allows individuals to own and monetize their personal data.
However, since last year, Numbers has reportedly worked with nonprofit Shoah Foundation, Stanford University, and IBM to develop data traceability and verification systems to preload on the Exodus, the blockchain smartphone of tech giant HTC.
Gin Chao, the Strategy Officer of Binance, said:
“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.”
Bofu Chen, the Co-CEO of Numbers, explained that he wants to help create traceable and trustworthy data through an open data framework. He believes that trading of such data brings more trust and higher operational efficiency to society.
At the same time, the system also rewards individuals for their information, as he explained that the startup’s relationship with Binance is not limited to the monetary investment.
Thus, he stated:
The investment from Binance will help us explore more use scenarios and accelerate technological and business development. We are also working to open the libraries we built for the developer community in 2020 so that more developers can leverage our work and use the Binance Chain with more ease.”