Binance Labs is the latest to bet on a multichain future. A $60 million financing round announced today for Multichain, a cross-chain protocol.
Last week, Gravity Bridge made it possible to transfer ERC-20 tokens between the Ethereum and Cosmos blockchains.
Multichain provides the infrastructure to interconnect blockchains
Multichain, originally known as Anyswap, is a blockchain architecture that connects blockchains such as Ethereum, Binance Smart Chain, and Avalanche.
According to Peter Huo, Binance Labs’ Investment Director,
“Multichain is a critical component of crypto’s multi-chain future.” We’re looking forward to strengthening our relationship with Multichain and working closely with the team to realize our shared objective.”
Multichain’s cooperation with BSC is also being strengthened, according to the press release. Users can expect liquidity integrations and ecosystem expansion if they support Multichain to bridge bToken across networks.
Bill Chin, Head of Investment at Binance Labs, said of the relationship,
“We completely support the Multichain since Binance Labs invests in disruptive concepts with enormous potential to alter the crypto landscape.”
It’s worth mentioning that Multichain has a Total Value Locked (TVL) of about $5 billion. These bridges are gaining traction in part because of the metaverse future on which some gaming behemoths and institutions are betting.
Binance Labs also announced that it has invested in the metaverse through BinaryX.
As a result, the Binance Smart Chain is home to more than one partnership. The company recently announced that BinaryX, a subsidiary of Binance Labs, has made an investment in the metaverse. By merging DeFi, NFTs, and the crypto-economy, the alliance will enable the implementation of a GameFi product on BSC.
In fact, James, a co-founder of BinaryX, emphasized that the company’s goal is to create a sustainable GameFi model within the BSC ecosystem so that users can get real-world value out of their gaming time. He continued,
“There are a lot of features coming, and we’re confident that with Binance Labs’ help, we’ll be able to introduce the user-centric GameFi model to the industry.”