Binance Labs, the enterprise capital arm of the world’s largest crypto trade by buying and selling quantity, has dedicated to investing $5 million within the Curve DAO Token (CRV), the token behind the Curve decentralized trade (DEX) on the Ethereum blockchain. As a part of the collaboration, Curve is exploring a possible deployment on Binance’s BNB Chain, in response to an announcement blog post.
“Curve is the biggest stableswap, and as a key protocol in DeFi it has contributed to the regular development of the area in 2023,” mentioned Yi He, co-founder of Binance and head of Binance Labs. “Given the latest occasions which have impacted the protocol, Binance Labs has provided our full help to Curve by way of our funding and strategic collaboration. We view this cooperation as a place to begin and look ahead to working collectively to additional propel the expansion of the DeFi ecosystem.”
The Curve DAO Token is the utility token of the Curve DeFi protocol that’s used to trade stablecoins and different supported tokens together with staking and governance functions. CRV was up 4.8% to 64 cents after the Binance funding was introduced, earlier than settling again right down to 61 cents.