Claim BonusPancakeSwap (CAKE) Soars 10% After Binance’s Strategic Investment
The world’s largest crypto exchange Binance on Monday said its venture arm Binance Labs has made a strategic investment in PancakeSwap’s governance and utility token CAKE. Binance Labs envisions leading the next wave of global blockchain adoption by providing technology development, marketing and community support, and Web3 solutions.
As a result of Binance Labs’ investment, CAKE price soared nearly 10% in a few hours. The PancakeSwap (CAKE) price is now trading at $4.78. Moreover, the trading volume has skyrocketed 95% in the last 24 hours.
Binance Labs Invests in PancakeSwap’s CAKE Token
Binance, in an official announcement on its website, on June 6 revealed that its venture arm Binance Labs has made a strategic investment in CAKE. However, the company didn’t disclose the amount it invested in CAKE.
PancakeSwap, a decentralized exchange built on the BNB chain, has grown to become the biggest dApp on BNB Chain with over 400,000 daily active users. It allows users to trade, swap, and stake BEP-20 tokens via an automated market maker (AMM) model. Moreover, PancakeSwap has a decentralized NFT marketplace powered by BNB.
A spokesperson at Binance Labs said:
“PancakeSwap has been leading the development and mass adoption of BNB Chain. Given that PancakeSwap is the most widely used dApp and the DeFi project with the highest TVL on BNB Chain, we have and will continue to provide strong support for the project.”
Since its launch in 2020, the BNB Chain ecosystem has massively grown. It has processed more than 3 billion transactions. Moreover, it has more than 1,300 active dApps related to DeFi, metaverse, blockchain games, NFT, and more.
Binance Global Expansion and Crypto Commitment Picks Pace
Binance’s missions to expand globally and work on crypto adoption have picked up pace this year. Binance and Binance Labs have also committed to helping blockchain and crypto companies.
On June 6, Binance CEO “CZ” announces a partnership with Malaysian cryptocurrency exchange MX Global to raise crypto adoption in Malaysia. Moreover, Binance and Vietnam Blockchain Association have officially entered into a strategic collaboration today.
Why Trust CoinGape
CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights Read more… to our readers. Our journal analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.
Delivered every day.
- Insights that move markets
- 100,000 active subscribers
Related Articles
- Crypto Traders Reduce Fed Rate Cut Expectations Even as Expert Calls Fed Chair Nominee Kevin Warsh ‘Dovish’
- Crypto, Banks Clash Over Fed’s Proposed ‘Skinny’ Accounts Ahead of White House Crypto Meeting
- XRP News: Ripple Expands Custody Services to Ethereum and Solana Staking
- Bernstein Downplays Bitcoin Bear Market Jitters, Predicts Rally To $150k This Year
- Breaking: Tom Lee’s BitMine Adds 40,613 ETH, Now Owns 3.58% Of Ethereum Supply
- Cardano Price Prediction as Bitcoin Stuggles Around $70k
- Bitcoin Price at Risk of Falling to $60k as Goldman Sachs Issues Major Warning on US Stocks
- Pi Network Price Outlook Ahead of This Week’s 82M Token Unlock: What’s Next for Pi?
- Bitcoin and XRP Price Prediction as China Calls on Banks to Sell US Treasuries
- Ethereum Price Prediction Ahead of Feb 10 White House Stablecoin Meeting
- Cardano Price Prediction as Midnight Token Soars 15%
