Binance Labs-backed Elrond announced as next Launchpad project

Binance Launchpad, Binance’s token launch platform for transformative blockchain projects, has announced its next project: Elrond, a sharding-based public blockchain network.

Elrond has recently raised investments from the likes of Binance Labs, Electric Capital, NGC, Maven11 and Authorito Capital. Its token sale follows a lottery format and began on 22nd June.

“At Binance Launchpad, we continue to support infrastructure projects aimed at solving problems associated with blockchain technology scaling and its readiness for mass adoption,” says Binance CEO and Founder, CZ (Changpeng Zhao).

“The Elrond team addresses this issue in an extraordinary way by proposing the concept of ‘Adaptive State Sharding,’ which allows decentralised networks to compete in speed and security with centralised ones. We look forward to seeing this project contribute to our ecosystem in the long run.”

“We are setting new standards for performance in the blockchain space,” says Beniamin Mincu, CEO of Elrond. “Everything changes for decentralised applications when you can parallelise transaction processing and bring a 1000x improvement in throughput and execution speed. Binance Launchpad presents an unparalleled distribution channel, helping us connect with the global community and invite developers from around the world to build their dApps on Elrond today.”

Announced this week, Binance Labs contributed to a $1.9 million private round. “Elrond’s outstanding contributions rest on two foundational building blocks: a novel scaling approach of Adaptive State Sharding and Secure Proof of Stake consensus, enabling fast and secure decentralised networks,” says Ella Zhang, Head of Binance Labs.

“Having been self-funded for a long period to push out their testnet launch, the Elrond team impressed us with their strict product-first approach and clear go-to-market strategy, a great example of the type of capital-conscious, fast-executing team that Binance Labs looks for in startups to back. We’re excited to be working together to push blockchain technology and crypto toward mass adoption.”

Five projects have launched on the Binance Launchpad platform so far this year, with Elrond becoming the sixth one.