Binance Labs Leads $60M Financing Round for Multichain

Main takeaway:

  • Binance Labs led the current $60 million financing spherical for Multichain, which just lately rebranded from Anyswap.

  • In addition to financing help from Binance Labs, Multichain can also be constructing a partnership with Binance Smart Chain (BSC). 

  • The funds shall be used to help the Multichain ecosystem and its inside groups, together with R&D, Audit and Service. 

Binance Labs, the enterprise capital and incubation arm of Binance, led the current $60M financing spherical for Multichain, previously referred to as Anyswap, an industry-leading cross-chain protocol. 

Multichain gives interconnecting infrastructure for many mainstream public blockchains, together with Ethereum, Binance Smart Chain, Avalanche, Moonriver and so forth. The Total Value Locked (TVL) on Multichain, whose variety of customers exceeds 300,000, is greater than $5 billion, with over 1,000 crypto property circulating amongst completely different mainnets.

“Multichain now is the cross-chain infrastructure that connects more public blockchains and crypto assets than anyone else, with lower transaction fees, shorter bridging time and higher security levels. Aligning with our plan to improve Web3, Multichain will integrate NFT Cross-Chain Bridge and our new anyCall solution for arbitrary cross-chain contract calls, supporting innovative NFT and DeFi DApps in cross-chain ecosystems. We will remain on the frontline of cross-chain research,” mentioned Zhaojun, the Co-founder of Multichain. 

Bill Chin, Head of Investment at Binance Labs, mentioned: “Binance Labs invests in disruptive improvements which have unbelievable potential to form the crypto panorama, which is why we’re totally supporting the Multichain.” 

Peter Huo, Investment Director at Binance Labs, added: “Multichain is a key contributor to the multi-chain future for crypto. We are excited to deepen our partnership with Multichain and work intently with the staff to construct out our shared imaginative and prescient.”

In addition to the financing support from Binance Labs, Multichain is also building a stronger partnership with Binance Smart Chain (BSC). BSC will promote Multichain as one of its recommended bridges and support Multichain to bridge bToken across chains. 

The funds will be used to help grow the Multichain teams and ecosystem. This includes expanding the R&D team, especially the crypto algorithm research team, the security Audit team and the Service team who helps new users and blockchain ecosystems integrate with Multichain.

Other co-investors in this round include Sequoia China, IDG Capital, Three Arrows Capital, DeFiance Capital, Circle Ventures, Tron Foundation, Hypersphere Ventures, Primitive Ventures, Magic Ventures and HashKey. 

Disclaimer: Only Binance Labs is a strategic investor of MultiChain. Binance alternate at present bears no duty and isn’t related to any of their tokens.

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