Multichain grabs $60M fund led by Binance Labs

Binance Labs, the venture capital and incubation arm of the crypto exchange Binance, led a $60 million funding round in Multichain, formerly known as Anyswap. The company aims to use the funds in the expansion of the Multichain team and ecosystem. This involves increasing the research and development staff, particularly the security audit team, the crypto algorithm research team, and the service team, which assists new customers and blockchain ecosystems in integrating with Multichain.

Multiple mainstream public blockchains, such as Ethereum, Binance Smart Chain, Avalanche, and Moonriver, are linked using Multichain’s interconnecting technology. As per the data by Defillama, the cross-chain protocol, which has more than 300,000 users, has a Total Value Locked (TVL) of more than $5 billion. It comprises more than 1,000 cryptocurrencies that are currently circulating on various mainnets.

According to the co-founder of the company Zhaojun, Multichain is the only cross-chain infrastructure that connects more public blockchains and crypto-assets than anybody else while also offering lower transaction costs, shorter bridging times, and higher levels of security. Zhaojun also expressed his commitment to remaining at the forefront of cross-chain research.

BSC recommends Multichain

Binance Smart Chain (BSC) also supports the protocol with its own efforts. According to the press release, the exchange giant is trying to push Multichain as a recommended bridge for developers in the long run.

BSC, through its $1 billion growth program, has unveiled a $200 million funding round along with Animoca Brands for gaming investments. 

Sequoia China, Circle Ventures, DeFiance Capital, Tron Foundation (through the Tron Foundation), Three Arrows Capital, Primitive Ventures (via the Magic Ventures), and HashKey participated in this round as co-investors.

Multichain and five other initiatives were each granted a $350,000 amount by BSC in October 2020 as part of the organization’s accelerator program.

Previously, the exchange giant expressed its aspirations for a big funding round for its United States branch.