Binance Labs commits $5 million to invest in Curve DAO tokens

Crypto Ecosystems • August 10, 2023, 11:06AM EDT
Published 1 minute earlier on
  The Block

Quick Take

  • Binance Labs is committing to an investment of $5 million in Curve DAO tokens.
  • As part of the collaboration, Curve Finance will deploy to BNB Chain.

Binance Labs, the venture capital and incubation arm of the cryptocurrency exchange Binance, has committed to a $5 million investment in Curve DAO tokens.

Yi He, co-founder of Binance and head of Binance Labs, announced the collaboration that will also see Curve Finance deploy to the Binance-backed BNB Chain.

The investment appears to be part of recent OTC deals done by Curve founder Michael Egorov with notable figures in the crypto space. Among these, Huobi’s co-founder Jun Du acquired 10 million CRV tokens, while Tron’s founder Justin Sun bought 5 million CRV at a cost of $2 million.

DeFi ecosystem

“Given the recent events that have impacted the protocol, Binance Labs has offered our full support to Curve through our investment and strategic collaboration. We view this cooperation as a starting point and look forward to working together to further propel the growth of the DeFi ecosystem,” He said.

So far, Egorov has sold more than 156 million CRV tokens for a total of $46.4 million, according to on-chain data compiled by Spotonchain on Dune Analytics. The transactions appear to be strategically aimed at reducing the potential liquidation risks that Egorov faces across various decentralized finance platforms due to a stablecoin debt of $50 million, according to DeBank.


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