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Binance Labs Invests Heavily in CertiK and Formal Verification Technology

CertiK, a leading blockchain cybersecurity company, has stated in a press release that Binance Labs, the investing arm of the Binance crypto exchange, has allotted several millions of dollars to assure the highest level of security in smart contracts and blockchain ecosystems.

CertiK Validates Smart Contracts With Mathematical Proofs

CertiK was founded in 2017 by Yale and Columbia University professors and consists of a team that involves former Google employees and Facebook engineers. In case, the formal verification technology adapts within blockchain applications and transforms the software code into mathematical proofs, presenting actual and undisputable calculations.

This partnership highlights the value of formal verification in the blockchain industry, and Binance Labs CEO Ella Zhang acknowledges that:

“CertiK mathematically verifies the security of smart contracts — which is a significant pain point we are facing in the blockchain ecosystem — bypassing the constraints of manual detection.” Binance Ecosystem Fund Proposed at Optimizing Blockchain Technology

Cryptocurrencies’ and blockchain projects’ wide selection needs a secure ecosystem, and Binance Labs is performed to addressing the most important issues of the industry. The organization has dedicated a $1-billion strategic fund, dubbed Binance Ecosystem Fund, to fuel all these projects that will help to release the full potential of blockchain technology.

According to Binance Labs, CertiK demonstrates the significant background and expertise, and CertiK COO Daryl Hok was especially excited to be carried by one of the world’s top exchanges. He replied:

“With published research that started in academia, we understand that Binance Labs is the ideal partner to stimulate the impact of our unique technology within the broader blockchain space.” CertiK’s Established Presence in the Cryptosphere

CertiK has earlier introduced the DeepSpec technology in collabor...

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