Binance Labs, the venture capital division of the world’s largest cryptocurrency exchange regarding trading volume, has recently pledged a substantial investment of $5 million into the Curve DAO Token (CRV). As part of this joint effort, Curve is actively considering extending its presence onto Binance’s BNB Chain, as conveyed in Binance’s official blog post.
Binance invests in CRV
Curve serves as both a stableswap platform and a decentralized exchange, boasting a substantial total value locked (TVL) of approximately $2.4 billion, according to insights from DefiLlama. Notably, Curve recently sent the DeFi market diving after falling victim to a hack that resulted in a loss exceeding $70 million.
Yi He, Binance’s co-founder and head of Binance Labs, highlighted that Curve is the largest stableswap protocol, playing a pivotal role in the ongoing expansion of the DeFi sector in 2023. In light of recent events that have impacted Curve’s operations, Binance Labs has extended its unwavering support through financial investment and strategic collaboration.
Michael Egorov, the founder of Curve, also pointed out that BNB Chain had solidified a significant presence within the DeFi sector, positioning it favorably to introduce Curve’s present and future products onto its platform. Egorov expressed anticipation for a collaborative approach to cultivate innovation and facilitate growth across the DeFi ecosystem.
The Curve DAO Token is the utility token for the Curve DeFi protocol, enabling the exchange of stablecoins and other compatible tokens. It also facilitates staking and governance functions. Following the announcement of Binance’s investment, CRV experienced a 4.8% increase, reaching 64 cents, before stabilizing at 61 cents.
