The firm specifically pinpointed the research and development teams as some of those that will benefit from the acquired funds. The capital raised through the seed round will be directed toward developing the ecosystem and helping its teams see more growth through new hires. On Monday, the Binance Smart Chain promoted the cross-chain protocol as a recommended tool to move crypto-assets between blockchains. The crypto exchange is looking to cultivate a good relationship with the protocol outside the investment. It is worth noting that Binance’s input into the firm stretches beyond capital injection. The protocol currently serves about 300,000 users, with this figure projected to continue growing. At the time of the announcement, the total value locked on the protocol was north of $5 billion. The project has since morphed into a cross-chain router protocol, officially taking the name Multichain last week. Multichain was launched mid-last year as a cross-chain decentralised platform called Anyswap. China-based capital market company Sequoia China also had a hand in the fundraising. Other venture capital firms that took part in the round include IDG Capital, Primitive Ventures, Three Arrows Capital, DeFiance Capital, and Circle Ventures. The funding featured several names, including Binance Labs, the venture capital subsidiary of cryptocurrency, and NFT marketplace Binance.īinance Labs investment director Peter Huo hailed Multichain, describing it as “a key contributor to the multi-chain future for crypto.” Newly-rebranded cross-chain protocol today wrapped up its seed round, raising $60 million. The funding round comes a few days after the protocol rebranded from Anyswap
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