Binance Labs Invests $5 Million in Curve DAO Token (CRV); Backs Curve's Expansion to BNB Chain

Binance Labs, the venture capital and incubation wing of Binance, has announced a substantial $5 million investment into Curve DAO Token (CRV), the Ethereum-based native token of the Curve ecosystem. This investment underscores Binance Labs' unwavering dedication to forging strong ties with Curve, thereby shaping the imminent landscape of the DeFi sector.

Currently the largest stableswap and the second-largest DEX, Curve boasts a staggering $2.4 billion in total value locked (TVL) and a robust daily trading volume of $215 million as of writing. The platform is thoughtfully designed to facilitate seamless ERC-20 token swaps for users and other decentralized protocols, boasting minimal fees and slippage.

The linchpin of the Curve DeFi protocol, Curve DAO Token (CRV), is the utility token driving stablecoin and ERC-20 token exchanges. Additionally, it empowers users with staking capabilities, boosts transaction efficiency, and empowers them to partake in governance decisions.

"As the premier stableswap protocol, Curve has played an instrumental role in propelling the DeFi landscape's steady expansion throughout 2023. In light of recent events affecting the protocol, Binance Labs stands in firm solidarity with Curve, offering both our financial support and strategic collaboration. This partnership marks a new beginning, and we eagerly anticipate synergizing efforts to catalyze the growth of the burgeoning DeFi ecosystem," stated Yi He, Co-Founder of Binance and Head of Binance Labs.

Aim for Synergy with BNB Chain Integration 

Curve currently operates across several chains, delivering speed and cost benefits. As part of this partnership, Curve will launch on BNB Chain. Being a foundational layer of DeFi, this move will further stimulate the growth of the BNB Chain's DeFi ecosystem.

Curve Founder Michael Egorov affirmed, "The remarkable footprint BNB Chain has already established within the DeFi domain makes it the perfect home for both the current and upcoming offerings from Curve. We eagerly anticipate a collaborative environment that fuels innovation and cultivates growth across the expansive DeFi landscape."

What is Binance Labs:

As the venture capital arm and accelerator of Binance, Binance Labs is on the continued lookout for the next big Web3 innovation. Since 2018, Binance Labs has invested in more than 200 projects from 25 countries. It has also incubated more than 50 projects that are native to Web3 through the Binance Labs Incubation Program, including Polygon, Perpetual Protocol, and Dune Analytics. As of August 2022, Binance Labs is the largest crypto VC in the industry by Asset Under Management (AuM) of $7.5 billion with a Multiple on Invested Capital (MOIC) of 21.0x.

Where to find Binance Labs:

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