Binance Labs, the innovation incubator of digital exchange Binance, announced a strategic investment in Symbiosis Finance, a decentralized multi-chain protocol that supports 4 prominent networks, including BNB Chain, Ethereum, Polygon, and Avalanche, today.
Amid the Mainnet launch, Symbiosis Finance is planning to expand its team. Additionally, the company aims to introduce the Symbiosis v.2 protocol with an implemented sidechain, cross-chain farming, smart order routing and unified AMM pools.
According to Symbiosis Finance, the latest funding will help its future growth. The firm closed its seed funding round in October 2021. In addition, Blockchain.com ventures led the mentioned round. In total, Symbiosis Finance collected around $10 million in subsequent private and public rounds.
Bill Chin, the 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, added: “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.”
Earlier this month, Binance announced a strategic partnership with YG Entertainment.
Symbiosis Finance
Backed by some of the leading firms in the global crypto ecosystem, Symbiosis Finance has increased its network in the last few months. According to Nick Avramov, The Co-Founder and Chief Marketing Officer of Symbiosis Finance, the company’s long-term strategy includes the development of tailor-made solutions.
“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,” Avramov said.
