Finance
Share this article

Anyswap Rebrands to Multichain, Raises $60M Led by Binance Labs

The cross-chain bridge builder will use the funds to research crypto algorithms.

By Eliza Gkritsi
Updated May 11, 2023, 4:08 p.m. Published Dec 21, 2021, 5:06 a.m.
Multichain is building bridges for shuttling crypto across networks. (Modestas Urbonas/Unsplash)
Multichain is building bridges for shuttling crypto across networks. (Modestas Urbonas/Unsplash)

Binance Labs, the crypto exchange’s venture capital and incubation arm, led a $60 million seed round in Multichain, formerly Anyswap.

  • The cross-chain protocol counts over 300,000 users, according to a press release shared with CoinDesk.
  • Public data shows the protocol has roughly $4.8 billion in total value locked.
  • Multichain will use the funds to expand its ecosystem and team, particularly research on crypto algorithms, security and user service.
  • Binance Smart Chain (BSC) is also putting its weight behind the protocol. It will promote Multichain as a recommended bridge for developers in the long term, the press release said.
  • Sequoia China, IDG Capital, Three Arrows Capital, DeFiance Capital, Circle Ventures, Tron Foundation, Hypersphere Ventures, Primitive Ventures, Magic Ventures and HashKey also participated in the round.
  • BSC gave Multichain and five other projects a $350,000 grant each in October 2020, as part of its accelerator program.

Read more: Binance Smart Chain and Animoca Brands Set Up $200M Program for Blockchain Gaming

STORY CONTINUES BELOW
Don't miss another story.Subscribe to the Crypto Daybook Americas Newsletter today. See all newsletters
By signing up, you will receive emails about CoinDesk products and you agree to our terms & conditions and privacy policy.

BinanceBinance LabsFundingFunding RoundsCross-Chain

More For You

Tether invests in LayerZero Labs as it doubles down on cross-chain tech, agentic finance

By Francisco Rodrigues, AI Boost|Edited by Stephen Alpher
2 hours ago
Stylized Tether logo

LayerZero’s Omnichain infrastructure (OFT) enables liquid stablecoin use across networks and “agentic finance” use cases.

What to know:

  • Tether Investments backed LayerZero Labs to support LayerZero’s cross-chain protocol powering USDt0.
  • LayerZero’s Omnichain infrastructure (OFT) enables liquid stablecoin use across networks and “agentic finance” use cases.
  • Financial terms weren’t disclosed. LayerZero’s ZRO briefly rose while the broader crypto market stalled, but has since entered a downtrend as a selloff reignited.
Read full story