Binance bets big on cross-chain liquidity with a strategic investment in Symbiosis Finance

2022-2-19 05:05

Binance Labs, the venture capital arm of Binance, announced today that it has made a strategic investment in Symbiosis Finance, a cross-chain liquidity protocol.

The investment will be used to strengthen Symbiosis Finance and its product ahead of its main net launch and enable the team to add support for more EVM and non-EVM networks.

Better cross-chain liquidity is coming to Binance

Symbiosis Finance is a decentralized cross-chain liquidity protocol that enables users to swap tokens across multiple blockchains. The protocol currently supports the BNB Chain (formerly BSC), Ethereum, Polygon, and Avalanche.

Binance’s funding will enable the protocol to expand its list of supported networks, as well as add integration with different wallets, services, and dApps. The Symbiosis V2 protocol will be launched in the coming weeks and will feature an implemented sidechain, cross-chain farming, smart order routing, and unified AMM pools.

Nick Avramov, the co-founder and chief marketing officer of Symbiosis Finance, said that the company was excited to come into a strategic partnership with Binance Labs and that it will benefit from becoming a part of the Binance ecosystem.

“The idea is simple—we strive to learn from the market leaders [and] adopt their best practices.”

Avramov explained that partnering with Binance will enable the company to create one of the most highly-demanded products on the market. The company will also be able to create and pursue a long-term strategy that will enable them to create more cross-chain products. And a better cross-chain infrastructure is something the market values—last fall, the company raised $10 million from investors such as Blockchain.com, Algorand, Avalanche Asia Star Fund, and Primitive Ventures.

“Symbiosis Finance is an important contributor to the multi-chain future for crypto, we are excited to support Symbiosis Finance and work closely with the team to build out our shared vision,” said Bill Chin, the head of Binance Labs Fund.

The post Binance bets big on cross-chain liquidity with a strategic investment in Symbiosis Finance appeared first on CryptoSlate.

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