The venture arm of the Binance cryptocurrency exchange has announced a partnership with the creators of the Symbiosis Finance liquidity protocol.
Binance Labs expects Symbiosis Finance to have a promising future as the project is a multi-chain protocol. It allows, according to the company, to exchange tokens and assets between different networks in one click. The project currently supports the BNB Chain, Polygon, Avalanche, and Ethereum networks, but it is planned to add support for other blockchains in the future.
“Symbiosis Finance is an important element in the development of the cryptocurrency ecosystem. We are extremely happy to support the project team and work closely with them for the common good,” said Bill Chin, head of the Binance Labs fund.
The funds invested by Binance should be used to expand the project development team, the number of supported networks, wallets and decentralized applications. The amount of invested funds is not reported.
It is planned to launch the second version of the protocol with a built-in sidechain, the possibility of profitable farming in different blockchains and with unified liquidity pools.
“We are very excited about the strategic partnership with Binance Labs and the opportunity to become part of this ecosystem,” says Nick Avramov, co-founder and CMO of Symbiosis Finance.
Late last year, Binance Labs participated in the funding of another DeFi protocol with multi-blockchain support. The Multichain project received $60 million from various investors.
Source: Bits
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