Latest News

Binance Labs is the driving force behind a $60 million investment in Multichain

Binance Labs, the cryptocurrency exchange’s venture capital arm. Of course, has led a $60 million investment in Multichain, a cross-chain technology.

So, According to a news release, Binance Labs was joined by Sequoia China, IDG Capital. Then, Three Arrows Capital, DeFiance Capital, Circle Ventures, Tron Foundation. Also, Hypersphere Ventures, Primitive Ventures, Magic Ventures, and HashKey.

Notably, Multichain, formerly as Anyswap, is a blockchain infrastructure provider for Ethereum. Also, for Binance Smart Chain (BSC), and Avalanche.
Then, The protocol has a TVL of more than $5 billion, and it currently has over 300,000 users.

“Multichain is a key contributor to the multi-chain future for crypto…”
“We are excited to deepen our partnership with Multichain and…”
“work closely with the team to build out our shared vision,”

Then, Peter Huo, investment director at Binance Labs explains.

More so, BSC and Multichain will strengthen their links as a result of the fundraising. Of course, using the BSC marketing Multichain as a suggested bridge. Which is, a technique of transferring crypto-assets between blockchains.

Lastly, The money raised will be for hiring people for Multichain’s crypto algorithm research, security audit, and service teams.

Related Posts – Bank DBS’s Crypto Business Grows Massively Due To Growing Demand From Investors

Crypto products and NFTs are unregulated and can be highly risky. There may be no regulatory recourse for any loss from such transactions. Crypto is not a legal tender and is subject to market risks. Readers are advised to seek expert advice and read offer document(s) along with related important literature on the subject carefully before making any kind of investment whatsoever. Crypto market predictions are speculative and any investment made shall be at the sole cost and risk of the readers.