Binance Labs, the VC and incubation arm of crypto trading major Binance, has invested an undisclosed sum in Cake, PancakeSwap’s utility and governance token.
Photo credit: Burdun / 123RF
Launched in September 2020, PancakeSwap is a decentralized exchange built on BNB Smart Chain. With daily active users hovering above 400,000, PancakeSwap is also among the biggest decentralized applications (DApps) on Binance’s blockchain network.
Binance Labs says the investment is part of its larger objective to pave the way for global blockchain adoption. Besides the investment, the VC also provides resources such as marketing and community support and enterprise solutions for the Web3 transition.
Since its rollout in 2020, the BNB Smart Chain has onboarded more than 1,300 DApps across categories, including blockchain games and non-fungible tokens. It has processed more than 3 billion transactions from 163 million unique addresses to date.
See also: Org Chart: A closer look at the people who run Binance
Editing by Samreen Ahmad and Joy Tirkey
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