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Binance Labs Leads $60M Financing Round for Multichain

2022-08-04

Main takeaway:

  • Binance Labs led the recent $60 million financing round for Multichain, which recently rebranded from Anyswap.

  • In addition to financing support from Binance Labs, Multichain is also building a partnership with BNB Chain (former BSC). 

  • The funds will be used to support the Multichain ecosystem and its internal teams, including R&D, Audit and Service. 

Binance Labs, the venture capital and incubation arm of Binance, led the recent $60M financing round for Multichain, formerly known as Anyswap, an industry-leading cross-chain protocol. 

Multichain provides interconnecting infrastructure for many mainstream public blockchains, including Ethereum, Binance Smart Chain, Avalanche, Moonriver, etc. The Total Value Locked (TVL) on Multichain, whose number of users exceeds 300,000, is more than $5 billion, with over 1,000 crypto assets circulating among different mainnets.

“Multichain now is the cross-chain infrastructure that connects more public blockchains and crypto assets than anyone else, with lower transaction fees, shorter bridging time, and higher security levels. Aligning with our plan to improve Web3, Multichain will integrate NFT Cross-Chain Bridge and our new anyCall solution for arbitrary cross-chain contract calls, supporting innovative NFT and DeFi DApps in cross-chain ecosystems. We will remain on the frontline of cross-chain research,” said Zhaojun, the Co-founder of Multichain. 

Bill Chin, Head of Investment at Binance Labs, said: “Binance Labs invests in disruptive innovations that have incredible potential to shape the crypto landscape, which is why we are fully supporting the Multichain." 

Peter Huo, Investment Director at Binance Labs, added: "Multichain is a key contributor to the multi-chain future for crypto. We are excited to deepen our partnership with Multichain and work closely with the team to build out our shared vision."

In addition to the financing support from Binance Labs, Multichain is also building a stronger partnership with BSC. BSC will promote Multichain and support it to bridge bToken across networks, and will explore deeper technology and liquidity integrations together with Multichain‌‌.

The funds will be used to help grow the Multichain teams and ecosystem. This includes expanding the R&D team, especially the crypto algorithm research team, the security Audit team and the Service team who helps new users and blockchain ecosystems integrate with Multichain.

Other co-investors in this round include Sequoia China, IDG Capital, Three Arrows Capital, DeFiance Capital, Circle Ventures, Tron Foundation, Hypersphere Ventures, Primitive Ventures, Magic Ventures and HashKey. 

Disclaimer: Only Binance Labs is a strategic investor of MultiChain. Binance exchange currently bears no responsibility and is not connected to any of their tokens.

The article has been edited on June 22, 2022.