Binance VC arm leads $60M round in cross-chain protocol Multichain

Binance Labs, the venture capital and incubation arm of Binance cryptocurrency exchange, has led a financing round for the cross-chain protocol Multichain, previously known as AnySwap.

Multichain has secured $60 million in a preliminary fundraising round led by Binance Labs, the startup formally revealed on Tuesday, just days after rebranding from AnySwap.

Sequoia China, IDG Capital, Three Arrows Capital, Primitive Ventures, DeFiance Capital, Circle Ventures, Hypersphere Ventures, HashKey, and Magic Ventures were among the other venture capital firms and industry investors who participated in the round.

Binance is strengthening its engagement with the cross-chain protocol in addition to donating funds to Multichain. On Monday, Multichain announced that it is now officially recommended as a tool to bridge bToken across chains through Binance’s smart contract platform, the Binance Smart Chain (BSC).

AnySwap was founded in July 2020 with the intention of serving as a cross-chain decentralized exchange. Multichain, a cross-chain router protocol (CRP) that provides a robust real-time CRP system, has emerged from the platform, allowing interoperability on many networks like as Ethereum, Binance Smart Chain, Avalanche, Moonriver, and others.