CYBER token of the decentralized social network CyberConnect surged by over 30% following the announcement of an investment by Binance Labs, the arm of the largest cryptocurrency trading platform in the world.
The ecosystem of the project received a major boost when the price of cyber surged to $6.8 from $5.05 in the last 24 hours, according to CoinMarketCap data. That is still far below the all-time high of $15 reached last month. Currently, it’s trading at $6.52.
Binance Labs posted about this investment division on Twitter, “We have made a follow-on investment round in CyberConnect. We see SocialFi’s potential in propelling web3 into the mainstream.”
The investment by Binance Lab is beneficial in validating CyberConnect’s mission and vision. The company’s main objective is to provide developers with the tools to build social applications that give users complete control over their online persona, connections, interactions, and content.