Binance Labs Spearheads $5.7 Million Series A for Blockchain Firm Dapix

On 5th September, it is reported that Binance has invested in Denver-based blockchain usability firm Dapix Inc, which is developing the Foundation of Interwallet Operability’s (FIO) Usability Protocol. 

Backed by Binance

The blockchain maker revealed it had raised $5.7 million in Series A funding round led by Binance Labs, the venture arm of the world’s largest cryptocurrency exchange. Other investors include Blockwall Capital, NGC Ventures, and LuneX Ventures.

The funds will allow Dapix to launch its FIO mainnet sooner than projected, possibly by Q1 of 2020, and build new products and structures that will be available to FIO members.

The FIO protocol aims to lower the hurdle to crypto adoption by abstracting the need to understand private keys and public addresses. It sets alongside other blockchains as a service layer to eradicate risks and complexity in sending and receiving tokens or coins across different blockchains.

This Series A follows last year’s seed round which raised $2.3 million. The announcement this round comes amid the debut of the FIO Address Presale, where users of various major wallets can reserve FIO usernames.

The Growing Foundation for Interwallet Operability

The FIO now consists of 25 crypto wallet providers, exchanges and other crypto-focused ventures. The group includes members such as major crypto wallet and statistics resource Bitcoin.com, Swiss crypto exchange platform ShapeShift, Binance’s Trust Wallet, Atomic Wallet, Enjin Wallet, and others.

Dapix CEO and cofounder David Gold said:

“The FIO Protocol will be the industry standard usability layer for the entire blockchain ecosystem. It will enable critically needed decentralized payment requests as well as providing metadata such as a note, invoice, or order cart along with every transaction on every other blockchain.”

Gold explained that he launched Dapix in 2018 after he realized that while crypto wallets have great potential, they are tough and risky to use. 

Now, FIO addresses will simplify the complex wallet addresses generally used to send and receive cryptocurrency payments. 

The protocol plans to standardize addresses across all blockchain platforms and applications. The Dapix CEO now believes that in a few years, no one will build a crypto-based product without FIO protocol integration. Gold admitted that mass adoption is key for the FIO system to reach its potential. He was, however, confident that this will be realized while pointing out the growing list of notable FIO members as evidence. He added that some of the members have already begun integrating the protocol before mainnet is even launched.