Binance Labs Leads Multichain’s $60 Million Funding Round

Multichain, previously known as Anyswap, announced today that the company has raised $60 million in the recent funding round led by Binance Labs. According to the company, the total value locked on Multichain is now over $5 billion.

In addition to Binance Labs, the $60 million investment round saw participation from Sequoia China, IDG Capital, Three Arrows Capital, DeFiance Capital, Circle Ventures, Tron Foundation, Hypersphere Ventures, Primitive Ventures, Magic Ventures and HashKey. The financing gave Multichain a valuation of approximately $1.2 billion.

With the help of recent funding, Multichain aims to enhance its research and development team. The company is planning to focus on the expansion of the research team working on crypto algorithms.

“Multichain now is the cross-chain infrastructure that connects more public blockchains and crypto-assets than anyone else, with lower transaction fees, shorter bridging time and higher security levels. Aligning with our plan to improve Web3, Multichain will integrate NFT Cross-Chain Bridge and our new anyCall solution for arbitrary cross-chain contract calls, supporting innovative NFT and Defi DApps in cross-chain ecosystems. We will remain on the frontline of cross-chain research,” said Zhaojun, the Co-Founder of Multichain.

Crypto Unicorns

The crypto ecosystem saw a jump in the number of unicorns during 2021. Several leading crypto and blockchain firms raised millions of dollars throughout this year. Last week, crypto payment solutions provider Ramp raised $53 million. Additionally, the digital asset firm, Anchorage secured approximately $350 million in the past week and received a valuation of $3 billion.

Bill Chin, the Head of Investment at Binance Labs, commented: “Binance Labs invests in disruptive innovations that have incredible potential to shape the crypto landscape, which is why we are fully supporting Multichain.”

“Multichain is a key contributor to the multi-chain future for crypto. We are excited to deepen our partnership with Multichain and work closely with the team to build out our shared vision,” Peter Huo, Investment Director at Binance Labs, added.