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Binance Labs invests $60 million in Multichain

Binance Labs invests $60 million in Multichain

Binance Labs, the venture capital arm of the sprawling cryptocurrency exchange, has invested $60 million in Multichain, an interchain exchange protocol, according to Theblockcrypto.

Sequoia China, IDG Capital, Three Arrows Capital, DeFiance Capital, Circle Ventures, Tron Foundation, Hypersphere Ventures, Primitive Ventures, Magic Ventures and HashKey participated in the round along with Binance Labs, according to the press release. Formerly known as Anyswap, Multichain builds infrastructure for a number of blockchains, including Ethereum, Binance Smart Chain (BSC) and Avalanche. The protocol has a total blockchain value (TVL) of more than $5 billion and currently has more than 300,000 users. “Multichain – is a key contribution to the multi-chain future of cryptocurrency. We are excited to deepen our partnership with Multichain and work closely with the team to realize our shared vision” – said Peter Huo, chief investment officer of Binance Labs, in a statement. The fundraising will allow BSC and Multichain to forge closer ties, with BSC promoting Multichain as the recommended bridge – method for moving cryptoassets between blockchains. Proceeds from the round will be used to hire staff, with a focus on crypto-algorithm research, security audits and Multichain service teams.

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