Binance Labs Invests Millions in Blockchain Auditing Platform CertiK

Binance Labs, the incubator wing of the Binance cryptocurrency exchange, has invested in a smart contract and blockchain audit startup, the company announced Monday.

Binance Labs, the incubator wing of the Binance cryptocurrency exchange, has invested in a smart contract and blockchain audit startup, the company announced Monday.

Called CertiK, the firm seeks to help secure smart contract and blockchain platforms through a formal verification process. The team has already begun working on ensuring existing blockchain platforms do not contain bugs that could lead to a loss of funds or other vulnerabilities, according to a press release.

The company was founded last year, in part by Yale professor Zhong Shao, who is known for developing a “certified operating system” called CertiKOS, and Columbia University assistant professor Ronghui Gu.

CertiK’s team operates by applying mathematical proofs to networks to determine whether hackers can breach the systems.

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