Binance Labs Unveils Major Investment In Cross-Chain Exchange, What's Happening?

Highlights

Binance Labs has revealed its investments in cross-chain exchange Rango.
Rango offers decentralized services across various blockchains, including Bitcoin and Solana.
Binance co-founder Yi He expressed optimism over the recent partnership.

Binance Labs, the investment arm of leasing crypto exchange Binance, has announced its investment in Rango. The platform is a pioneering cross-chain decentralized exchange (DEX) and bridge aggregator. Moreover, Rango’s platform is designed to facilitate seamless transactions across various blockchain ecosystems.

Binance Labs Invests In Rango

The recent investment by Binance Labs reaffirms the venture capital body’s commitment towards encouraging cross-chain innovation. However, the specific details of the collaboration and the amount invested are still under wraps. Binance Labs-backed Rango caters to the growing demand for interoperability in the decentralized finance sector.

Moreover, the latest announcement by Binance Labs highlighted Rango’s robust interoperability framework that supports major blockchains such as Bitcoin, Solana, Cosmos Ecosystem, Tron, Starknet, and more. Hence, Rango positions itself as a frontrunner in the cross-chain DEX and bridge aggregator space. In addition, the platform boasts integration with over 60 blockchains, 70+ DEXes, and 20+ bridges. This underscores its versatility and broad accessibility within the decentralized finance realm.

Notably, Rango’s services are readily accessible through prominent wallets and decentralized applications (Dapps). These include TrustWallet, Exodus, Binance Web3 Wallet, and Compound, enhancing its user reach and usability across different platforms.

With a transaction volume surpassing $3 billion and having facilitated over 2.5 million swaps for 590,000 unique wallets, Rango has demonstrated substantial growth and adoption since its inception. The platform currently manages over 3,000 organic cross-chain swaps daily, ensuring swift and efficient token exchanges for its expanding user base.

Also Read: XRP, Cardano, & 7 Other Communities Must Watch This Key Move By Binance

Co-Founder Remarks On Recent Investment

Yi He, co-founder of Binance and Head of Binance Labs, expressed optimism about the partnership. She emphasized the investment arm’s commitment to supporting projects that drive cross-chain development and innovation. She remarked, “Rango’s suite of services aligns with Binance Labs’ goal of supporting projects that bolster cross-chain development and innovation. We look forward to seeing Rango’s journey as it continues to shape the DeFi space.”

In response to the investment, Vahid Kaya, Co-Founder of Rango, highlighted the significance of collaboration with Binance Labs in advancing multi-chain interoperability. Kaya affirmed, “With Binance Labs, Rango Exchange will be supported to propel the multi-chain ecosystem. Offering support for diverse blockchains, we ensure secure and efficient token swaps anywhere. We’re thrilled to work alongside Binance Labs to further enhance our innovative cross-chain solutions.”

Looking ahead, Rango aims to expand its infrastructure and integrate additional trending blockchains. In addition, it aims to cater to the evolving needs of DeFi participants globally. Furthermore, the investment by Binance Labs is expected to provide Rango with the resources and expertise necessary to scale operations.

Also Read: Pepe Coin Whale Dumps 1 Tln Coins To Binance, Price Risks Further Dip?

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Peter Mwenda

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