Curve Token Climbs After Binance Labs Commits to $5M Investment

The decentralized exchange, which suffered a $70 million hack last month, will also consider deploying on the BNB Chain.

AccessTimeIconAug 10, 2023 at 3:09 p.m. UTC
10 Years of Decentralizing the Future
May 29-31, 2024 - Austin, TexasThe biggest and most established global hub for everything crypto, blockchain and Web3.Register Now

Binance Labs, the venture capital arm of the world’s largest crypto exchange by trading volume, has committed to investing $5 million in the Curve DAO Token (CRV), the token behind the Curve decentralized exchange (DEX) on the Ethereum blockchain. As part of the collaboration, Curve is exploring a potential deployment on Binance’s BNB Chain, according to an announcement blog post.

Curve is a stableswap and DEX that has about $2.4 billion in total value locked (TVL), according to DefiLlama data. Some of the decentralized finance(DeFi) luster rubbed off last month when Curve was hacked for more than $70 million.

"Curve is the largest stableswap, and as a key protocol in DeFi it has contributed to the steady growth of the space in 2023,” said Yi He, co-founder of Binance and head of Binance Labs. “Given the recent events that have impacted the protocol, Binance Labs has offered our full support to Curve through our investment and strategic collaboration. We view this cooperation as a starting point and look forward to working together to further propel the growth of the DeFi ecosystem."

The Curve DAO Token is the utility token of the Curve DeFi protocol that’s used to exchange stablecoins and other supported tokens along with staking and governance purposes. CRV was up 4.8% to 64 cents after the Binance investment was announced, before settling back down to 61 cents.


Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.

The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is an award-winning media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. In November 2023, CoinDesk was acquired by Bullish group, owner of Bullish, a regulated, institutional digital assets exchange. Bullish group is majority owned by; both groups have interests in a variety of blockchain and digital asset businesses and significant holdings of digital assets, including bitcoin. CoinDesk operates as an independent subsidiary, and an editorial committee, chaired by a former editor-in-chief of The Wall Street Journal, is being formed to support journalistic integrity.

Brandy Betz

Brandy covered crypto-related venture capital deals for CoinDesk.

Learn more about Consensus 2024, CoinDesk's longest-running and most influential event that brings together all sides of crypto, blockchain and Web3. Head to to register and buy your pass now.