Multichain announced today that Binance Labs leads a $60 million financing round led by Sequoia China, IDG Capital, Three Arrows Capital, DeFiance Capital, Circle Ventures, Tron Foundation, Hypersphere Ventures, Primitive Ventures, Magic Ventures, and HashKey, with participation from Sequoia China, IDG Capital, Three Arrows Capital, DeFiance Capital, Circle Ventures, Tron Foundation, Hypersphere Ventures, Primitive Ventures, Magic Ventures, and HashKey. Aside from making a financial contribution to Multichain, all supporters will participate actively in the project’s development to guarantee that the common vision for web3 is accomplished.
Multichain, which has been rebranded from Anyswap, will build on the work that Anyswap has already performed as a Web3 gateway protocol so far. Multichain, the pioneer of decentralized cross-chain services, connects 25 popular public blockchains, including Ethereum, Fantom, Binance Smart Chain, Avalanche, Moonriver, Arbitrum, Polygon, and Harmony. Multichain is a decentralized cross-chain service that connects 25 popular public blockchains.
The Total Value Locked (TVL) on Multichain, which has more than 300,000 users and over 1,000 crypto assets floating across many mainnets, is more over $5 billion, with over 1,000 crypto assets floating among several mainnets. It is unequaled in terms of speed, security, and decentralization, among other attributes. Furthermore, developers can construct application layers to improve the composability of DeFi on top of this foundation.
In addition, Multichain provides lower transaction costs, faster bridge times, and higher security standards than any other cross-chain infrastructure. Multichain connects more public blockchains and crypto assets than anyone else, and does so with lower transaction costs, faster bridge times, and higher security standards than anyone else. The NFT Cross-Chain Bridge and our new anyCall solution for random cross-chain contract calls will be included in Multichain as part of our plan to improve Web3. This will allow for the development of innovative NFT and DeFi DApps in cross-chain ecosystems. According to Zhaojun, one of Multichain’s founding members, “we will continue to remain at the forefront of cross-chain research.”
Multichain is fully supported by Bill Chin, Head of Investment at Binance Labs, who stated, “Binance Labs invests in groundbreaking concepts with huge potential to affect the crypto landscape, which is why we absolutely back Multichain.” In the words of Peter Huo, Investment Director of Binance Labs, “Multichain is a critical contributor to the multi-chain future for cryptocurrency.” In order to achieve our common goal, we look forward to further developing our connection with Multichain and collaborating closely with the team.”
The funds will be used primarily to invest in the team’s and ecosystem’s growth in order to further Multichain’s goal of routing the Web3 through its network. Increasing the size of the research and development team, particularly the crypto algorithm research team, the audit team, which focuses on security, and the service team, which assists more users and blockchain ecosystems in connecting to Multichain.
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