Anyswap Rebrands to Multichain, Raises $60M Led by Binance Labs

The cross-chain bridge builder will use the funds to research crypto algorithms.

AccessTimeIconDec 21, 2021 at 5:06 a.m. UTC
Updated Dec 21, 2021 at 8:13 a.m. UTC

Eliza Gkritsi is CoinDesk's crypto mining reporter based in Asia.

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.

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Eliza Gkritsi is CoinDesk's crypto mining reporter based in Asia.

CoinDesk - Unknown

Eliza Gkritsi is CoinDesk's crypto mining reporter based in Asia.