Anyswap Rebrands to Multichain, Raises $60M Led by Binance Labs
The cross-chain bridge builder will use the funds to research crypto algorithms.
Updated May 11, 2023 at 4:08 p.m. UTC
![Multichain is building bridges for shuttling crypto across networks. (Modestas Urbonas/Unsplash)](https://www.coindesk.com/resizer/tzKb2Sa6M3NpAzj7b6BJvllel4I=/567x378/filters:quality(80):format(jpg)/cloudfront-us-east-1.images.arcpublishing.com/coindesk/OVTH7KBBMRFMFBTYNUIOWPE5G4.jpeg)
Binance Labs, the crypto exchange’s venture capital and incubation arm, led a $60 million seed round in Multichain, formerly Anyswap.
- The cross-chain protocol counts over 300,000 users, according to a press release shared with CoinDesk.
- Public data shows the protocol has roughly $4.8 billion in total value locked.
- Multichain will use the funds to expand its ecosystem and team, particularly research on crypto algorithms, security and user service.
- Binance Smart Chain (BSC) is also putting its weight behind the protocol. It will promote Multichain as a recommended bridge for developers in the long term, the press release said.
- Sequoia China, IDG Capital, Three Arrows Capital, DeFiance Capital, Circle Ventures, Tron Foundation, Hypersphere Ventures, Primitive Ventures, Magic Ventures and HashKey also participated in the round.
- BSC gave Multichain and five other projects a $350,000 grant each in October 2020, as part of its accelerator program.