Binance Labs Makes Strategic Investment in Symbiosis Finance

Source : beincrypto.com

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Main Takeaway:

  • Binance Labs strategically invests in Symbiosis Finance to enable the future of multi-chain liquidity.
  • The fund will be used to support Symbiosis Finance to grow and strengthen the team amid the Mainnet launch to gain support from more multiple blockchains.

Binance Labs, the venture capital arm and innovation incubator of Binance, is pleased to announce its latest strategic investment in Symbiosis Finance, a multi-chain liquidity protocol.

Symbiosis Finance is a decentralized multi-chain liquidity protocol that enables users to perform any crypto token swaps across multiple blockchains with a single click. At present, the protocol supports four networks including BNB Chain (formerly BSC), Ethereum, Polygon, and Avalanche, with more networks to be expanded in the upcoming future.

The new funding by Binance Labs announced today will be used to support Symbiosis Finance to grow and strengthen the team amid the Mainnet launch, enable the team to add support from more EVM and non-EVM networks, and add expansion and integration with different wallets, services, and dApps as well.

Symbiosis Finance is planning to launch the Symbiosis v.2 protocol with an implemented sidechain, cross-chain farming, smart order routing, and unified AMM pools.

Bill Chin, Head of Binance Labs Fund, said: “Symbiosis Finance is an important contributor to the multi-chain future for crypto, we are excited to support Symbiosis Finance and work closely with the team to build out our shared vision.”

Jasmine Kong from Binance Labs, said: “We invest in innovations that have the potential to provide better user experience and shape the crypto world, which is why we decided to support Symbiosis.”

“The idea is simple; we strive to learn from the market leaders, adopt their best practices and this is the way we can create something in demand. But more than that, we need to think about not only the short-term needs but also to pursue a long-term strategy and develop solutions accordingly. We are excited to come into a strategic partnership with Binance Labs and to become a part of its Ecosystem,” Nick Avramov, co-Founder and Chief Marketing Officer of Symbiosis Finance said.

Last October, Symbiosis Finance raised seed with Blockchain.com ventures leading the round. Within the subsequent private and public rounds, Symbiosis has collected $10M. The up-to-the-time backers include Amber Group, Algorand, Avalanche Asia Star Fund, Dragonfly, Wave Financial, BTC Inc, Injective Labs, Primitive Ventures.

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