- Binance Labs led the recent $60M financing round for Multichain, an industry-leading cross-chain protocol.
- Other investors in this round include Three Arrows Capital, DeFiance Capital, Sequoia China, IDG Capital etc.
- The funds will be used for expanding the R&D team of Multichain, its security Audit Team as well the Service Team.
Binance Labs, incubation wing of Binance, led the recent $60M financing round for Multichain.
Multichain which was earlier known as Anyswap is an industry-leading cross-chain protocol.
It is worth mentioning that The Total Value Locked (TVL) on Multichain is over $5 billion. Also, the number of people using it is more than 300,000. Additionally, Multichain 1,000 crypto assets circulating among different mainnets.
Multichain as a protocol provides interconnecting infrastructure for public blockchains, including Ethereum, Binance Smart Chain, Avalanche, Moonriver, etc.
The official press statement also named other investors in this round which includes Three Arrows Capital, DeFiance Capital, Sequoia China, IDG Capital, Circle Ventures, HashKey, Primitive Ventures, Tron Foundation, Hypersphere Ventures and Magic Ventures.
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 and will also support Multichain to bridge bToken across networks. Besides this, BSC will explore deeper technology and liquidity integrations with it.
The funds will be used for expanding the R&D team of Multichain, its security Audit Team as well the Service Team.
On future plans, Zhaojun, the Co-founder of Multichain disclosed, “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”.
In November, BSC and Animoca Brands had announced the $200 million investment program for developing cryptocurrency-based gaming projects with the play-to-earn modelled on BSC.