Sign Up on MEXC
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.
- SOL Strategies Begins Trading on Nasdaq With $94M in Solana Holdings
- Bitcoin, Crypto Market Rise as Court Halts Trump’s Bid to Oust Fed Gov Lisa Cook
- Grayscale Files Registration Statements for Litecoin, Hedera, and Bitcoin Cash ETFs
- SEC Delays Decision on Bitwise Dogecoin ETF Ahead First DOGE ETF Launch
- Metaplanet Upsizes Capital Raise To $1.4 Billion To Buy More Bitcoin
- Meme Coin Price Prediction: Shiba Inu, Pepe Coin, Dogecoin, TRUMP
- HYPE Price Eye $88 the Next as Lion Group’s Treasury Shifts to Hyperliquid
- Ripple Ecosystem Growth Meets Technical Strength—Is XRP Price on the Verge of $10?
- Cardano Price Prediction as Sept Fed 50bps Cut Odds Surge – Is $1.65 Next?
- Chainlink Price Prediction: Analyst Sees 48% Rally as Grayscale ETF Filing Ignites Hype
