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Binance Labs leads a $60 million seed funding round for Multichain

By Mark – Cryptocurrency Specialist - 23/12/2021

Multichain has raised $60 million in a preliminary round of investment. The event was organised by Binance Labs, the venture capital arm of the cryptocurrency trading platform and received participation from Sequoia China, IDG Capital, Three Arrows Capital, Primitive Ventures and a number of other key investors.

This feat comes just a few days after Anyswap changed its name to Multichain, a cross-chain protocol. Aside from Binance Labs, the investment event attracted a number of venture capital and angel investors, including Sequoia China, IDG Capital, Three Arrows Capital, Primitive Ventures, and DeFiance Capital.

The event was not only attended by the aforementioned firms, but also by others. However, the programme received substantial backing from Circle Ventures, Hypersphere Ventures, HashKey and Magic Ventures. Regardless of Multichain's success, Binance has stated that they are developing a solid partnership with the cryptocurrency.

Multichain has been certified as a sophisticated tool and instrument to bridge b-Token through Binance Smart Chain (BSC) network, as part of Binance's endeavor to establish a positive connection with the protocol. The Multichain team made an official announcement about the news and their efforts to bring it to fruition, exciting those in the community who buy and sell cryptocurrency via their platform.

The BSC team also stated their complete support for and faith in the Multichain protocol. Multichain is "one of the largest routers on BSC, enabling a non-custodial plus multi-party computing paradigm to guarantee the security of on-chain assets," according to the BSC team. To explain, Multichain is a cross-chain protocol that allows Ethereum, Binance Smart Chain, Avalanche, and Moonriver to communicate with one other. Multichain's TVL is over $5 billion, with over 300,000 active users, according to the release. If you are looking to Buy Ethereum (ETH), BNB, Avalanche or Moonriver, head over to our Buy Coins page to place your order.

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