Cryptocurrency

Binance VC division leads USD 60 million investment in Multichain, a cross-chain protocol

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Binance Labs, the venture capital and incubation arm of the Binance cryptocurrency exchange, has led a round of financing for the cross-chain protocol Multichain (formerly known as Anyswap).

Soon after Rebranding The company officially announced on December 21 that Multichain from Anyswap raised $60 million in a seed round led by Binance Labs last week.

Other participants in the financing include major venture capital companies and industry investors such as Sequoia China, IDG Capital, Three Arrows Capital, Primitive Ventures, DeFiance Capital, Circle Ventures, Hypersphere Ventures, HashKey and Magic Ventures.

In addition to providing capital investment for Multichain, Binance is also establishing a stronger relationship with cross-chain agreements. On December 20, Multichain announced that it now officially recommends it as a tool for cross-chain bridging bToken through Binance’s smart contract platform Binance Smart Chain (BSC).

BSC stated that Multichain is “one of the largest routers on BSC” and provides “non-custodial plus multi-party computing model to ensure the security of assets on the chain.”

Anyswap was established in July 2020 and was initially positioned as a cross-chain decentralized exchange. The platform gradually evolved into Multichain, which is a cross-chain router protocol (CRP) that provides a mature real-time CRP system that can interoperate on multiple networks including Ethereum, Binance Smart Chain, Avalanche, Moonriver, etc.

According to the announcement, the total value locked by Multichain currently exceeds 5 billion U.S. dollars and the number of users exceeds 300,000. Zhao Jun, the co-founder of Multichain, said that the protocol connects “more public blockchains and encrypted assets than anyone else, with lower transaction costs, shorter bridging times, and higher security levels.”

The company said that the funds raised in the seed round will be used for the development of the team and ecosystem, including a research and development team focused on encryption algorithms, auditing, and security.

related: Binance launches $1B fund to develop BSC ecosystem

BSC was officially launched in September 2020. It is a decentralized financial solution that brings programmability and interoperability to Binance Chain. It relies on a system composed of 21 validators and has a proof of stake. consensus. BSC is getting more and more popular This year, as the Internet reached a record high 16 million Daily transactions on November 25th.