Certik rumored to be the next Binance IEO project

Blockchain by Blockspectator News  | 12 months ago
2 min read

Certik, the blockchain auditing platform is expected to be the next listing on Binance Labs initial exchange offerings.

This would not be entirely surprising, especially when considering that Binance Labs has already been confirmed to have made millions of dollars as an investment in the project.

Certik describes themselves as a verification network designed to build fully trustworthy smart contracts and blockchain ecosystems, which are mathematically proven to be error-free and hacker-resistant.

They aim to solve the problems in regards to vulnerabilities of blockchains, as they suffer from frequent bugs and security issues; issues which are made worse due to the immutable and decentralized nature of blockchain.

The DAO hack specifically is a prime example of the disastrous consequences of having blockchains, d’Apps and smart contacts which are open-source, but flawed architectures, resulting in the theft of over $50 million in Eth.

In a blog post in January 2019, Certik confirmed an official partnership between Binance and Certik. This followed on the earlier news that Binance Labs, the investment arm of Binance had invested several millions of dollars into Certik.

Binance Labs is part of the Binance Ecosystem Funds- a dedicated $1 billion strategic fund at encouraging and adopting the best projects aimed at addressing the most critical issues in the industry.

Ella Zhang, CEO of Binance Labs commented on the collaboration between Certik and Binance Labs at the time, saying:

“When users use Binance, they trust that their funds are secure. We chose to partner with CertiK because we believe that security is paramount to give the ecosystem the confidence needed for greater adoption of blockchain technology. When token projects present us with an audit report verified by CertiK, we know that they take security as seriously as we do at Binance.”

BitTorrent was the very first IEO held on Binance Labs, followed by Fetch.AI and Celer. All the listings have had a very positive effect on the price on the Binance Token (BNB), keeping it as one of the best performing tokens over the past couple months.

The success of Binance Labs has also resulted in other leading cryptocurrency exchanges such as Huobi, OKEx and somewhat humorously Bittrex in launching their initial exchange offering platforms.