As part of a $500 million investment in the wider Web3 economy and crypto startups, Binance recently established a $500 million investment fund.
A strategic investment in PancakeSwap was announced Monday by Binance Labs, the venture capital and investment arm of the world’s biggest crypto exchange. The money was invested in CAKE, the protocol’s governance and utility token, according to an official statement from the business.
It is in line with Binance Labs’ mission to encourage Web3 development and crypto acceptance, said Bill Qian, the company’s head of labs.
Until now, PancakeSwap has been at the forefront of BNB Chain’s development and acceptance. PancakeSwap is the most popular dApp and DeFi project on BNB Chain, and as a result, we have provided and will continue to give substantial support for the initiative.
There has been an upsurge in Binance’s efforts to support crypto startups and blockchain companies. According to EWN, Binance Labs has launched a $500 million fund that is the first of its type to be financed by outside capitalists.
Shortly before the exchange secured a crypto licence in the European nation, another $105 million plan was unveiled to support the Web3 economy in France.
PancakeSwap Is The Biggest The BNB Network
Until September 2020, PancakeSwap will be available to use on the Binance Smart Chain (BSC), a blockchain established by the world’s largest cryptocurrency exchange. Decentralized exchange (DEX) for BSC tokens, analogous to UniSwap’s role on Ethereum, is the function of the protocol itself.
There are already over 400,000 daily active users transacting on DEX, making it a top protocol and BSC. The DEX also included a governance token called CAKE.
A 10 percent increase has been recorded by CoinMarketCap after Binance’s statement. PancakeSwap also has the greatest total value locked (TVL) on BSC with $3.9 billion, according to on-chain aggregator DefiLama.
Also Read: Solana Blockchain’s NFT sales have surpassed $2 billion
