Binance leads the sponsorship campaign for Multichain
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Binance Labs, the venture capital side of global crypto exchange Binance, facilitated a $60-million capital funding raise for cross-chain router protocol Multichain. Other notable participants included Sequoia China, IDG Capital, and Three Arrows Capital.
Amid Multichain’s corporate rebrand from AnySwap last week, analytical estimates placed the protocol’s total value above $5 billion and reported over 300,000 users on the platform. The funds raised will be utilized across various domains, including research and development of crypto algorithms, audits, security, and general ecosystem growth.
In addition to the capital support, Binance has also pledged to develop a broader relationship with the protocol, announcing that Multichain will be officially recommended as a tool to bridge bToken across chains through Binance’s smart contract platform, the Binance Smart Chain (BSC).
BSC expressed high praise of Multichain, noting that it is “one of the biggest routers on BSC.” Zhaojun, a co-founder of Multichain, stated that the protocol connects “more public blockchains and crypto-assets than anyone else, with lower transaction fees, shorter bridging time and higher security levels.
Read more: Binance