Binance Labs now has a disclaimer on its website describing it as “an independent venture and not part of the Binance Group.”
ZK-proof Web3 infrastructure developer gets backing from Binance Labs
Delphinus Lab is building a zero-knowledge proof rollup service aimed at powering Web3 application development.
Curve DAO Scores $5 Million Boost From Binance, Eyes BNB Chain Expansion
In a strategic move to bolster the decentralized finance (DeFi) sector, Binance Labs, the venture capital and incubation arm of Binance, has committed a substantial $5 million investment in Curve DAO Token (CRV).
The Ethereum-based CRV token is the backbone of the Curve ecosystem, which has established itself as the largest stable swap and second-largest decentralized exchange (DEX).
Curve and Binance’s BNB Chain Forge Strategic Alliance
As part of the partnership, Curve will explore the deployment of its protocol on the BNB Chain, the thriving ecosystem powered by its native token, BNB. This strategic alignment aims to leverage the strengths of both platforms, further fueling the growth of DeFi on the BNB Chain.
Yi He, Co-Founder of Binance and Head of Binance Labs, expressed enthusiasm about the collaboration, stating:
Curve is the largest stableswap, and as a key protocol in DeFi, it has contributed to the steady growth of the space in 2023. 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.
Curve Founder, Michael Egorov, acknowledged the significance of the collaboration, stating:
BNB Chain has earned a significant presence in DeFi and is well-positioned to deploy Curve’s current and future products on its chain. We look forward to collaboratively fostering innovation and growth across the DeFi ecosystem.
According to Binance Labs’ announcement, Curve’s Automated Market Maker (AMM) platform has revolutionized liquidity provision in DeFi, offering hundreds of incentivized liquidity pools with low slippage and transaction fees.
With the support and strategic investment of Binance Labs, the protocol seems poised to accelerate its mission to transform DeFi by increasing liquidity, reducing transaction friction, and expanding its ecosystem.
Is Cross-Chain Interoperability The Key To Curve’s Success On BNB Chain?
Deploying Curve to BNB Chain brings numerous advantages to both Curve and the BNB Chain ecosystem. One key benefit is enhanced scalability, as BNB Chain offers high throughput and low latency, providing a robust infrastructure for DeFi protocols like Curve.
By deploying on BNB Chain, Curve can leverage the network’s capabilities to handle more transactions and accommodate the growing user demand.
Another advantage is the lower transaction fees offered by BNB Chain. This cost-efficiency appeals to users seeking to minimize expenses when interacting with Curve. By deploying on BNB Chain, Curve users can enjoy reduced transaction fees, enhancing the overall affordability of using the Curve protocol.
The cross-chain interoperability of BNB Chain also enables seamless integration of assets and protocols from different blockchains, creating opportunities for Curve to collaborate with other projects and protocols within the BNB Chain ecosystem.
Deploying Curve to BNB Chain can expose the protocol to the extensive Binance ecosystem. Binance, one of the world’s largest cryptocurrency exchanges, operates its ecosystem on BNB Chain.
This exposure opens doors to potential partnerships, collaborations, and increased visibility among Binance users, further strengthening Curve’s position in the market.
Overall, deploying the platform to BNB Chain aligns with its goal of expanding its presence across multiple chains and reaching a broader user base.
By leveraging the advantages of BNB Chain, such as enhanced scalability, lower transaction fees, access to a large user base, cross-chain interoperability, and exposure to the Binance ecosystem, the protocol can contribute to the growth and development of the DeFi ecosystem.
Featured image from iStock, chart from TradingView.com
Curve Token Climbs After Binance Labs Commits to $5M Investment
The decentralized exchange, which suffered a $70 million hack last month, will also consider deploying to the BNB Chain.
Binance’s VC Arm Dominated Funding Rounds Last Week Even as Regulators Scrutinized the Crypto Exchange
Binance Labs announced investments in four incubator projects and participated in a round for privacy infrastructure startup zkPass.
Binance Labs Invests $10M in DeFi Lender Radiant, RDNT Jumps 10%
The protocol was built on the architecture of LayerZero, which raised $120 million at a $3 billion valuation earlier this year.
Binance Labs Invests $15M in Web3 Gaming Startup Xterio
The capital will help Xterio add more games and artificial intelligence integrations to its platform.
AI-Backed Blockchain Data Startup Web3Go Raises $4M
Binance Labs led the round with HashKey Capital, NGC and Shima Capital among the other backers.
Binance Labs, CoinFund Lead $10M Round for Smart Contract Infrastructure Firm Neutron
The startup provides smart contract infrastructure for the Cosmos ecosystem.
Binance’s VC Arm, With Over 200 Investments, Focuses on ‘Explosive’ Potential for Web3
Binance Labs has grown its assets to $9 billion from $7.5 billion despite a bear market and the post-FTX collapse turbulence.
Polyhedra Network Raises $10M for Zero-Knowledge Infrastructure
Binance Labs and Polychain Capital led the round with Animoca Brands and dao5 participating.
Binance Backs WOO Network With A $12 Million Strategic Investment
Binance is the largest exchange platform in trading volume within the crypto industry. Through its user-friendly interface, the exchange has over 20 million users. In addition, the platform supports several cryptocurrencies that would boost an investor’s portfolio.
In its move to enhanced performance and services to customers, Binance has a strategic investment of $12 million through its venture capital arm. The investment is in a liquidity platform, WOO Network. This liquidity platform connects users to exchanges, DeFi networks, and other institutions.
Binance Labs, which kicked off in 2017, has committed relationships through early-stage investments in several companies.
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Some include DoraHacks, the hackathon organizer, and LayerZero, an interoperability start-up. Also, Binance took part in bigger fundraising rounds like the $10 million Series C fundraising round for Figment, a crypto staking company. Thoma Bravo was in the lead of this fundraising project.
Through a press release, Binance Labs Investment Director Peter Huo put forth his reactions to the company’s investment. First, he acknowledged WOO Network’s remarkable impact on the entire crypto ecosystem using its features and functionality. Also, he mentioned the Network provision of zero-fee trading through on-chain and off-chain and deep liquidity.
Furthermore, Huo expressed his company’s excitement through its long-lasting relationship expansion. The Binance Director commented that the company uses the investment to explore its collaborations further.
Binance Invests in WOO Due To Impressive Growth
WOO Network supplies liquidity to over 40 exchanges, institutions, wallets, trading teams, and other DeFi applications as a liquidity platform. In addition, the network boasts some outstanding products such as the WOO Trade and WOO X.
WOO falls by 6% in the last 24 hours | Source: WOOUSDT on TradingView.com
The WOO Trade is a platform institutional investors use for their crypto transactions. On the other hand, WOO X focuses on retail by combining deep liquidity and zero-fee trading.
The services of WOO Network for liquidity provision on Binance Smart Chain commenced last year with WOOFi Swap launching. The WOOFi Swap employs both the market-making technique from the institution and the network’s liquidity to reduce slippage and enhance pricing.
Moreover, other decentralized protocols get their liquidity supplies from WOO Network. Such DeFi projects include Matcha, DYDX, DODO, ParaSwap, and 1inch.
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The Series A fundraising round of WOO Network in November 2021 closed with a whopping amount of $30 million. The fund inculcates investments from Bit Torrent, Avalanche, Three Arrows Capital, and Crypto.com.
According to CoinGecko, WOO tokens have made a price hit of a 10% increase within the last 24 hours. Also, the Network recently recorded a market cap of about $1 billion.
Featured image from Binance, Charts from TradingView.com
Binance Labs–Backed ‘DeFi Credit Union’ Bringing Higher Yields to Savers in Nigeria
With backing from Binance Labs, Nigeria’s Xend Finance is looking to bring DeFi to the world of local credit unions.
Binance Labs Leads $1M Seed Round in Crypto Tor Alternative HOPR
Binance Labs, the seed funding arm of the world’s largest crypto exchange, has made its first investment of 2020, backing privacy startup HOPR.
Torus Launches to Bring One-Click Login to Web 3.0
Torus, a key-management startup offering one-click logins for the decentralized web, launched out of beta Thursday with a handful of big-name hosting partners.
Binance Labs Leads $5.7 Million Series A for Blockchain Maker Dapix
Binance Labs has led a $5.7 million round for Dapix , a startup that wants to simplify crypto wallet addresses across the industry.
Salesforce Alternative Cere Raises $3.5 Million From Binance Labs, Others
A Binance Labs incubation project, Cere, plans on integrating with Binance’s decentralized ecosystem, Binance Chain
Binance-Backed Firm Working to Boost Blockchain Speeds Raises $3 Million
Marlin Protocol, which offers relayer networks to make blockchains faster, has raised $3 million from Binance Labs, Arrington XRP Capital and others.
Multicoin, Binance, Coinbase Invest in Startup Keeping Private Keys Secure
Private key management startup Torus has raised $2 million from some heavy hitters, including Coinbase Ventures, Binance Labs and Multicoin Capital.
Nym Technologies Raises $2.5 Million to Anonymize Crypto Apps
This startup is betting tokens can help incentivize privacy infrastructure across the internet.