Binance Labs Leads $1.6 Million Strategic Investment Round for MOUND
Binance Labs, the venture capital and incubator of Binance, led the recent round of strategic investment of $1.6 million for MOUND, the innovative team behind Pancake Bunny. This investment is part of Binance Labs' ongoing initiative to promote DeFi and blockchain infrastructure and to support startup innovation. IDEO CoLab, SparkLabs, Andrew Lee (Handshake, LTM), and other private individuals also participated in the strategic round.
MOUND is the innovative team behind Pancake Bunny, the leading yield platform on the Binance Smart Chain (BSC). In the month of March, Pancake Bunny added over USD 1 billion in TVL (Total Value Locked) and over 20,000 in DAU (Daily Active Users).
The investment will enable MOUND to accelerate the delivery of new, cutting-edge features and products, such as cross-chain collateralization and smart vaults, and enhance the ongoing development and optimization of the Pancake Bunny platform. With this strategic investment, Binance and MOUND will work together to innovate across the full spectrum of DeFi activity on BSC, from farming to lending to swapping, and to deliver the uniquely high returns that BSC makes possible to users outside the BSC community.
“We were impressed by the phenomenal growth at MOUND (Pancake Bunny), especially with MOUND’s ability to create value for users on the Binance Smart Chain (BSC). Our decision to invest was based on our high rating of the MOUND team’s execution and product expertise. We look forward to bring DeFi on BSC to the next level with Pancake Bunny,” said Wei Zhou, Head of Binance Labs.
“We are extremely excited to partner with Binance to bring the massive returns enabled by the Binance Smart Chain to new markets,” said Jun Hur, CEO and Co-Founder of MOUND. “Innovations such as cross chain collateralization and smart vaults expand our reach to Ethereum and beyond, bringing us one step closer to realizing our vision to put the power of DeFi in everyone’s hand. With decades of experience across the game, app, and finance industries, MOUND is committed to a user-centered approach to design and live service. We are profoundly grateful to the incredible Pancake Bunny community, whose amazing support and enthusiasm have propelled Pancake Bunny to a TVL of over USD 2 billion and a DAU of over 30,000 in a little over 4 months.”