Binance Labs, the venture capital arm of the sprawling crypto exchange, has led a $60 million investment in Multichain, a cross-chain protocol.
Sequoia China, IDG Capital, Three Arrows Capital, DeFiance Capital, Circle Ventures, Tron Foundation, Hypersphere Ventures, Primitive Ventures, Magic Ventures and HashKey all participated in the round alongside Binance Labs, according to a press release.
Formerly known as Anyswap, Multichain builds infrastructure for a range of blockchains including Ethereum, Binance Smart Chain (BSC) and Avalanche. There is more than $5 billion in total value locked (TVL) in the protocol, and it currently boasts upwards of 300,000 users.
“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,” said Peter Huo, investment director at Binance Labs, in a statement.
The fundraise will see BSC and Multichain forge closer ties, with BSC promoting Multichain as a recommended bridge — a method of moving crypto-assets between blockchains.
Proceeds from the round will go towards hiring, with a focus on Multichain’s crypto algorithm research, security audit and service teams.