Binance Labs, the company’s venture capital constituent and innovation incubator, has made a strategic investment in Symbiosis Finance, a multi-chain liquidity mechanism.
Symbiosis Finance is a decentralized multi-chain liquidity protocol that allows users to trade crypto tokens across several blockchains instantly. The protocol now supports four networks: BNB Chain (previously BSC), Ethereum, Polygon, and Avalanche, with more to be added shortly.
The fresh financing announced by Binance Labs will help Symbiosis Finance develop and strengthen the team ahead of the Mainnet launch, allowing the team to add support from more EVM and non-EVM networks and expand and integrate with other wallets, services, and dApps.
Binance labs aims to bring improved cross-chain liquidity
Symbiosis Finance intends to introduce the Symbiosis v.2 protocol, which will include sidechain implementation, cross-chain farming, smart order routing, and unified AMM pools.
“Symbiosis Finance is a vital contribution to the multi-chain future for crypto,” Bill Chin, Head of Binance Labs Fund, said. He also added that they are delighted to support Symbiosis Finance and work closely with the team to flesh out their shared goal.
“We invest in technologies that have the potential to give better user experience and impact the crypto industry, which is why we decided to fund Symbiosis,” said Jasmine Kong of Binance Labs.
“The concept is simple: we want to learn from the industry leaders and implement their best practices in order to produce something that people want.” But, more importantly, we must consider not just immediate demands but also a long-term plan and build solutions appropriately. Nick Avramov, co-Founder and CMO of Symbiosis Finance, stated, “We are pleased to enter into a strategic cooperation with Binance Labs and to become a part of its Ecosystem.”
In October, Symbiosis Finance secured seed funding with Blockchain.com Ventures heading the round. Symbiosis has raised $10 million in successive private and public rounds. Amber Group, Algorand, Wave Financial, BTC Inc, Injective Labs, Avalanche Asia Star Fund, Dragonfly, and Primitive Ventures are among the current supporters.
Collaborative partnerships like this will ensure that the technologies with the probable chances of providing a better user experience and improving the industry will never be left unnoticed.