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Multichain Raises $60M in Seed Funding Round, Led by Binance Labs

Binance Labs Binance News
  • Multichain raises $60 million in seeding funding round.
  • Binance Labs led the event.
  • Sequoia China, IDG Capital, Three Arrows Capital, Primitive Ventures, and many angel investors were part of the seed funding event.

Multichain has raised a gargantuan $60 million in seed funding round event. The event was led by Binance Labs.

Interestingly, this achievement comes a few days after Anyswap rebranded to a cross-chain protocol Multichain. Apart from Binance Labs, many venture capital and angel investors like Sequoia China, IDG Capital, Three Arrows Capital, Primitive Ventures, and DeFiance Capital participated in the funding event.

Not only the above-mentioned companies took part in the event, but Circle Ventures, Hypersphere Ventures, HashKey, and Magic Ventures also offered intuitive support for the program. Regardless of Multichain’s achievement, Binance exchange has admitted that they are building a strong relationship with Multichain.

Alongside Binance’s effort to promote a good relationship with the protocol,  Multichain has been approved as a sophisticated tool and instrument to bridge bToken through Binance Smart Chain (BSC) network. The Multichain team officially announced the news and their effort toward it.

Additionally, the BSC team also expressed their full support and confidence they have in the Multichain protocol.  The BSC team remarked that Multichain is “one of the biggest routers on BSC providing a non-custodial plus multi-party computation model to guarantee the security of on-chain assets.”

To clarify, Multichain is a cross-chain protocol that enables interoperability on Ethereum, Binance Smart Chain, Avalanche, and Moonriver. According to the announcement,  Multichain’s TVL is over $5 billion with more than 300,000 active users.

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Karikari Daniel is a writer who follows the crypto industry closely. He loves fish stew and Real Madrid. He believes in cryptocurrency’s potential to transform the money landscape in his native country Ghana.