Binance Labs is the principal investor in Multichain with a $60 million investment

Binance Labs, the cryptocurrency exchange’s venture capital arm, has led a $60 million investment in Multichain, a cross-chain technology.

According to a news statement, the round was co-led by Binance Labs and included Sequoia China, IDG Capital, Three Arrows Capital, DeFiance Capital, Circle Ventures, Tron Foundation, Hypersphere Ventures, Primitive Ventures, Magic Ventures, and HashKey.

Multichain, formerly Anyswap, develops infrastructure for a variety of blockchains, including Ethereum, Binance Smart Chain (BSC), and Avalanche. The protocol has a total value locked (TVL) of more than $5 billion and presently has upwards of 300,000 users.

“Multichain is critical to the multi-chain future of cryptocurrency. We are thrilled to strengthen our cooperation with Multichain and collaborate closely with the team to realise our common goal,” said Peter Huo, investment director at Binance Labs.

BSC and Multichain will strengthen their links as a result of the fundraising, with BSC marketing Multichain as a suggested bridge – a technique of transferring crypto-assets across blockchains.

The round’s proceeds will be used to hire, with a particular emphasis on Multichain’s crypto algorithm development, security audit, and service teams.

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