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Binance Labs Invests in Symbiosis Finance on a Strategic Level

The investment will be utilized to assist Symbiosis Finance in expanding and strengthening its team in the run-up to the Mainnet launch in order to secure support from numerous blockchains.

Symbiosis Gains Strength

Binance Labs, the cryptocurrency exchange’s venture capital arm and innovation incubator, announced its latest strategic investment in Symbiosis Finance, a multi-chain liquidity mechanism. According to the team, Binance Labs strategically invested in Symbiosis Finance to enable the future of multi-chain liquidity.

“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,” noted Bill Chin, the Head of Binance Labs Fund.

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The new funding announced today by Binance Labs will be used to assist Symbiosis Finance in growing and strengthening the team in the run-up to the Mainnet launch, enabling the team to expand and integrate with additional EVM and non-EVM networks, as well as expand and integrate with additional wallets, services, and dApps.

“We invest in innovations that have the potential to provide better user experience and shape the crypto world, which is why we decided to support Symbiosis,” Jasmine Kong from Binance Labs said in a statement. 

What is Symbiosis Finance?

Symbiosis Finance is a decentralized multi-chain liquidity protocol that enables users to conduct cross-chain crypto token exchanges with a single click. The protocol now supports four networks: BNB Chain (previously BSC), Ethereum, Polygon, and Avalanche, with further networks to be added in the near future.

Symbiosis Finance intends to introduce the Symbiosis v.2 protocol, which will incorporate a sidechain, cross-chain farming, intelligent order routing, and unified AMM pools.

“The idea is simple; we strive to learn from the market leaders, adopt their best practices and this is the way we can create something in demand. But more than that, we need to think about not only the short-term needs but also to pursue a long-term strategy and develop solutions accordingly. We are excited to come into a strategic partnership with Binance Labs and to become a part of its Ecosystem,” Nick Avramov, co-Founder and Chief Marketing Officer of Symbiosis Finance, said.

Symbiosis Finance raised seed funding in October, led by Blockchain.com ventures. Symbiosis has raised $10 million in successive private and public rounds. Amber Group, Algorand, Avalanche Asia Star Fund, Dragonfly, Wave Financial, BTC Inc, Injective Labs, and Primitive Ventures are among the current backers.

Disclaimer: These are the writer’s opinions and should not be considered investment advice. Readers should do their own research.

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