Binance Labs, which serves as the incubation arm and the venture capital of the cryptocurrency exchange, has recently led a financing round. This round was designated for the cross-chain protocol Multichain, which was previously referred to as AnySwap.
Shortly after the company changed its name, Multichain was able to bring close to $60 million in a simple seed funding round which was led by the venture capital arm itself- something that the firm itself announced on Tuesday.
Binance Smart Chain Utilizing Multichain
Other participants which got enmeshed in the raise include some of the biggest venture capital firms and industry investors in the country like IDG Capital, Sequoia China, Three Arrows Capital, Primitive Ventures, Circle Ventures, DeFiance Capital, HashKey, Hypersphere Ventures, and Magic Ventures. Even then, Binance Labs managed to glean the funding straight out despite not being the main facet of the cryptocurrency exchange firm.
Along with providing some extremely crucial investment for the protocol, Binance has also been creating a far stronger relationship with Multichain. Last Monday saw the protocol announce that it had been officially recommended as a tool that would bridge bToken across major chains through the smart contract platform of the cryptocurrency exchange.
Binance Smart Chain has mentioned that Multichain is one of the largest routers for BSC- which definitely brings with itself a non-custodial plus multi-party computational model which would guarantee the security of all assets which are on-chain.
