Binance Labs, the crypto exchange’s venture capital and incubation arm, led a $60 million seed round in Multichain, formerly Anyswap.
- The cross-chain protocol counts over 300,000 users, according to a press release shared with CoinDesk.
- Public data shows the protocol has roughly $4.8 billion in total value locked.
- Multichain will use the funds to expand its ecosystem and team, particularly research on crypto algorithms, security and user service.
- Binance Smart Chain (BSC) is also putting its weight behind the protocol. It will promote Multichain as a recommended bridge for developers in the long term, the press release said.
- Sequoia China, IDG Capital, Three Arrows Capital, DeFiance Capital, Circle Ventures, Tron Foundation, Hypersphere Ventures, Primitive Ventures, Magic Ventures and HashKey also participated in the round.
- BSC gave Multichain and five other projects a $350,000 grant each in October 2020, as part of its accelerator program.