Venture Capital Binance Labs Leads $60M Financing Round for Multichain
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- Binance Labs recently led a $60M financing round for Multichain.
- Multichain is one of the biggest routers on the Binance Smart Chain.
- The fund raised will utilized in the growth of the team and ecosystem.
The Venture Capital and incubation arm of Binance, Binance labs, recently led a $60M financing round for Multichain, formerly known as Anyswap, an industry-leading cross-chain protocol. Multichain provides interconnecting infrastructure for many mainstream public blockchains, including Ethereum, Binance Smart Chain, Avalanche, Moonriver, etc.
Furthermore, after rebranding Anyswap to Multichain last week, it raised $60 million in a seed funding round led by Binance Labs, this officially announced today (December 21).
Even more, the great crypto exchange, Binance is also building a stronger relationship with the cross-chain protocol. On Monday, December 20, Multichain announced that it now officially recommended as a tool to bridge bToken across chains via Binance Smart Chain (BSC), Binance’s smart contract platform.
Accordingly, Binance Smart Chain noted that Multichain is one of the biggest routers on BSC facilitating a non-custodial plus multi-party computation model to guarantee the security of on-chain assets.
Henceforth, as per the announcement, the total value locked (TVL) on Multichain now amounts to more than $5 billion, with the number of users exceeding 300,000. Zhaojun, Co-founder of Multichain said, the protocol connects more public blockchains and crypto-assets than anyone else, with lower transaction fees, shorter bridging time, and higher security levels.
Participants of Funding Round
The other participants in the funding round include major Venture Capital firms and industry investors like Sequoia China, IDG Capital, Three ARRows Capital, Primitive Ventures, DeFiance Capital, Circle Ventures, Hypersphere Ventures, HashKey, and Magic Ventures. Therefore, the fund raised in the seed round will be utilized in the growth of the team and ecosystem, including the research and development teams focused on crypto algorithms, audits, and security.
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