Binance Labs, the venture capital arm of Binance, supported the Multichain company in its $ 60 million fundraising. As an investor, Binance Labs strongly supports this project and will allow the company specializing in the construction of cross-chain protocols to strengthen its partnership with the Binance Smart Chain (BSC).
Multichain raises $ 60 million
On its Twitter account , Binance Labs revealed that it had supported the company Multichain (formerly Anyswap) in its fundraising of $ 60 million.
Binance Labs is the venture capital arm of the Binance exchange . The latter supports companies in particular in their search for financing.
Among the participants in this roundtable , we can cite: Sequoia China, IDG Capital, Three Arrows Capital, DeFiance Capital, Circle Ventures, or even Tron Foundation.
This fundraising concerns the Multichain company specializing in the construction of cross-chain protocols. She has notably created infrastructures for a range of blockchains such as Ethereum , Binance Smart Chain (BSC) or Avalanche (AVAX).
The latter would have more than $ 5 billion in total blocked value (TVL) and more than 300,000 users.
“Multichain is a key contributor to the multi-chain future for cryptocurrency. We are delighted to deepen our partnership with Multichain and to work closely with the team to develop our shared vision, ”said Peter Huo, Director of Investments at Binance Labs.
Strong support from Binance Labs
In addition to seeking funding, Binance Labs has an incubator role with companies that develop projects around the blockchain and cryptocurrency ecosystem.
In this context, and in addition to financial support from Binance Labs, Multichain will also have a partnership with Binance Smart Chain (BSC) to develop its product.
“Binance Labs invests in disruptive innovations that have incredible potential to shape the crypto-asset landscape, which is why we fully support Multichain,” added Bill Chin, investment manager at Binance Labs.
This funding will therefore enable Multichain to develop its ecosystem , and to expand its teams, particularly in research and development (R&D), audit and service.
In addition, one of Multichain’s objectives is to optimize its infrastructure by integrating cross-chain non-fungible tokens (NFTs) and other web 3.0 solutions.
“Multichain is now the cross-chain infrastructure that connects more public and crypto-asset blockchains than anyone else, with lower transaction fees, shorter bridging time, and higher levels of security,” Zhaojun said, the co-founder of Multichain.
