Binance Labs is the latest to bet on a multichain future. It’s in the news today after it announced that it led a $60 million financing round for Multichain, a cross-chain protocol.
Last week, Gravity Bridge enabled multichain transfer by allowing the movement of ERC-20 tokens between the Ethereum and Cosmos blockchains.
Multichain, formerly known as Anyswap, provides the infrastructure to interconnect blockchains like Ethereum, Binance Smart Chain, and Avalanche, among others.
According to Peter Huo, Investment Director at Binance Labs,
“Multichain is a key contributor to the multi-chain future for crypto. We are excited to deepen our partnership with Multichain and work closely with the team to build out our shared vision.”
The release also reiterated that Multichain is building a stronger partnership with BSC. By supporting Multichain to bridge bToken across networks, users can expect liquidity integrations and growth of the ecosystem.
On the partnership, Bill Chin, Head of Investment at Binance Labs stated,
“Binance Labs invests in disruptive innovations that have incredible potential to shape the crypto landscape, which is why we are fully supporting the Multichain.”
With that, it is worth noting that Multichain has a Total Value Locked (TVL) of close to $5 billion. These bridges are especially gaining attention due to the metaverse future that several gaming giants and institutions are betting on.
Therefore, that’s not the only collaboration on the Binance Smart Chain. Binance Labs also announced that it has invested in the metaverse through BinaryX. The partnership will allow deployment of a GameFi product on BSC, by combining DeFi, NFTs, and the crypto-economy.
In fact, James, Co-founder of BinaryX, stated that it aims to build a sustainable GameFi model within the BSC ecosystem to create real-life value out of gaming time for users. He added,
“There are many features to come and we believe that with the support of Binance Labs, we can bring the user-focused GameFi model to the industry.”
We are happy to welcome BinaryX, a team with ample blockchain operation experience, to our portfolio family! Looking forward to seeing how CyberDragon with its innovated dual token model plays out ?
— Binance Labs Fund (@BinanceLabs) December 21, 2021
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Shraddha is a full-time journalist at AMBCrypto. She has a keen interest in personal finance and wealth generation. Her primary focus is on the cryptocurrency space’s applications for investment vehicles and portfolios
