Binance Labs, the venture capital and incubation arm of Binance, has invested an undisclosed sum in PancakeSwap’s utility and governance token CAKE.
PancakeSwap is a decentralised exchange built on BNB Chain and has daily active users of over 400,000 since its launch in September 2020.
Binance Labs said that the investment is part of its “mission to facilitate the next wave of global blockchain adoption by providing technology development, marketing and community support, and enterprise solutions for Web3 transformation”.
With more than 1,300 active dApps across multiple categories such as DeFi, Metaverse, blockchain games, NFT, and more, BNB Chain has processed more than 3 billion transactions from 163 million unique addresses since its launch in 2020.
Bill Qian, Head Binance Labs said,
“PancakeSwap has been leading the development and mass adoption of BNB Chain.
Given that PancakeSwap is the most widely used dApp and the DeFi project with the highest TVL on BNB Chain, we have and will continue to provide strong support for the project.”