Thursday, May 23, 2024

Binance Labs Leads $60 mn Financing Round For Multichain

Binance Labs recently led the $60 million financing round for Multichain, the cross-chain infrastructure that connects public blockchains. Zhaojun, the co-founder for Multichain, said the platform offers low transaction fees, high security and shorter bridging time. He pointed out that it aligns with their plan to boost Web3.

Zhaojun, as per the press release, said Multichain will integrate NFT Cross-Chain Bridge and the new anyCall solution. It’s for arbitrary cross-chain contract calls and supports innovative NFT and DeFi DApps.

Bill Chin, Head of Investment, Binance Labs, said the venture capital invests in disruptive innovations which can shape and transform the crypto landscape. Peter Huo, Investment Director, Binance Labs, believes Multichain is a key contributor to the multi-chain future for the crypto industry. He expressed excitement to partner with Multichain and work closely to build on their shared vision.

It should be noted that Multichain is also strengthening its partnership with BSC. The latter will help Multichain promote as a recommended bridge. BSC will also help Multichain to bridge bToken across networks. Both companies will explore deeper technology and liquidity integrations.

Multichain will use the funds to grow its team, including the R&D department, the security audit team and the service team; and the ecosystem. Multichain, previously known as Anyswap, was launched in mid-2020. The name change happened last week. It has transformed into a cross-chain router protocol. Multichain has 300,000 users and this is expected to grow in the new year.

Binance Labs has been promoting and funding blockchain projects. Since its launch three years ago, the incubation arm of Binance has supported over 100 projects.

Cryptured Team
Cryptured Team
The writers team at Cryptured.com is composed of passionate and experienced journalists who cover the latest developments in the crypto and blockchain space. They aim to provide accurate, unbiased and easy-to-understand news and information for their readers, as well as insights and analysis from industry experts. The writers team is always on the lookout for new and exciting stories that can help the general public learn more about the potential and challenges of these technologies.
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