Multichain raises a $60M financing round led by Binance Labs

Multichain (previously Anyswap), the world’s leading cross-chain protocol, raises $60 million in funding led by Binance Labs, with participation from Sequoia China, IDG Capital, Three Arrows Capital, DeFiance Capital, Circle Ventures, Tron Foundation, Hypersphere Ventures, Primitive Ventures, Magic Ventures, and HashKey.

Multichain, rebranded from Anyswap, will build on what Anyswap has accomplished as a router protocol for Web3. Multichain, a pioneer in decentralized cross-chain service, provides interconnect infrastructure for 25 popular public blockchains, including Ethereum, Fantom, Binance Smart Chain, Avalanche, Moonriver, Arbitrum, Polygon, and Harmony.

The Total Value Locked (TVL) on the platform, which has over 300,000 members, is more over $5 billion, with over 1,000 crypto assets flowing across several mainnets. In terms of speed, security, and decentralization, it is unrivaled. Builders can build application layers on top of DeFi to improve its composability.

Zhaojun, the Co-founder of Multichain said:

“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.”

Binance Labs’ Head of Investment Bill Chin stated Binance Labs invests in innovative products with immense potential to influence the crypto landscape, which is why the firm fully support the company. Binance Labs Investment Director Peter Huo added that the company is a significant contributor to the multi-chain future for crypto.

The company will largely deploy the capital to invest in the team’s and ecosystem’s expansion in efforts to progress the aim of routing the Web3. This includes increasing the R&D team, specifically the crypto algorithm research team, the audit team, which focuses on security, and the service team, which assists more users and blockchain ecosystems in connecting with the platform

Patrick

Coincu News